By Canadian Press

Ritchie Bros. reports revenues up, supply still a challenge

May 9, 2022 | 3:40 PM

VANCOUVER — Ritchie Bros. Auctioneers Inc. says its revenues rose in the first quarter compared with a year ago even though the company is struggling to secure used equipment to sell.

The Vancouver-based auctioneer, which reports in U.S. dollars, says it had revenue of US$393.9 million in the quarter ending March 31, up 19 per cent from the $331.6 million a year earlier.

Net income attributable to stockholders came in at US$178.1 million for the quarter, up from US$28.2 million in the same quarter last year, as earnings were boosted by the US$169.1-million gain from the sale of a property in Bolton, Ont.

Diluted earnings per share of $1.60 for the quarter was up from 25 cents per share last year.

The company says it continues to encounter an unfavourable supply environment that has led to lower lot counts, but total proceeds from auctions still increased 13 per cent to US$1.4 billion.

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It says higher sales came from strength in the construction and transportation sectors, and that sales were also higher thanks to inflation-boosted used equipment values.

This report by The Canadian Press was first published May 9, 2022.

Companies in this story: (TSX:RBA)

The Canadian Press