By Canadian Press

Ritchie Bros. Q4 profit expected to be between US$42M and US$45M

Feb 13, 2023 | 5:18 AM

VANCOUVER — Ritchie Bros. Auctioneers Inc. says it expects its fourth-quarter profit to come in between US$42 million and US$45 million.

In its preliminary results for the quarter ended Dec. 31, the company, which keeps its books in U.S. dollars, says it expects total revenue of about US$444 million.

For the full year, Ritchie Bros. says it expects net income between US$317 million and US$320 million. Total revenue for the year is expected to be about US$1.7 billion.

The company is expected to report its full financial results after the close of markets on Feb. 21.

The preliminary look at the results came as the company works to win shareholder support for its plan to buy automotive salvage company IAA.

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Shareholders of both companies are to vote on the proposed deal on March 14.

This report by The Canadian Press was first published Feb. 13, 2023.

Companies in this story: (TSX:RBA)

The Canadian Press