Ritchie Bros. Q3 Profit Up - Quick Facts

(RTTNews) - Ritchie Bros. Auctioneers Inc. (RBA, RBA.TO) Tuesday reported an increase in third-quarter net income, with a growth in auction revenues. On an adjusted basis, earnings per share exceeded the Street estimates.

For the three-month period, the company said it earned $16.4 million or $0.15 per share, compared with $8.2 million or $0.08 per share last year.

Excluding the after-tax effects of excess property sales and other non-recurring items, net earnings per share were $0.15.

On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.11 for the quarter. Analysts' estimates typically exclude one-time items.

The company's auction revenues during the quarter were up 15 percent to $105.8 million from prior year's $92.3 million. Analysts estimated revenues of $93.4 million for the quarter. The gross auction proceeds dropped year-over-year to $789.6 million from $848.5 million.

Further, the company declared a quarterly cash dividend of $0.13 per share payable on December 13, to shareholders of record on November 22.