Friday, industrial auctioneer Ritchie Bros. Auctioneers Inc. (RBA) reported a decline in earnings for the second quarter, despite higher revenues, due to the absence of a gain, recorded in the prior year quarter, related to asset sale.
Net earnings for the quarter declined to US$38.8 million or US$0.37 per share from US$45.9 million or US$0.43 per share in the corresponding period last year. Ritchie said net earnings for the second quarter of 2008 included total gains of US$7.3 million, after tax, recorded on the sale of excess property.
Adjusted net earnings were US$38.8 million, or US$0.37 per share, up 2% over US$37.9 million, or US$0.36 per share in the year-ago quarter. On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings of US$0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Auction revenues increased 4% to US$120.5 million from US$115.8 million in the second quarter of 2008 and came in above the US$114.54 million projected by ten Street analysts. Auction revenue rate was 10.86%, up from 9.95% in the year-ago quarter mainly due to the superior performance of the company's underwritten business. Gross auction proceeds were US$1.11 billion, down 5% from the same period last year.
For the six-month period, net earnings were US$58.7 million or US$0.56 per share. Adjusted net earnings increased to US$58.1 million or US$0.55 per share from US$53.2 million or US$0.50 per share for the first half of 2008. Financial statement net earnings for the first half of 2008 were US$62.3 million or US$0.59 per share.
The company conducted 92 industrial auctions in 10 countries throughout North America, Europe, the Middle East and Australia during the first half of 2009. Gross auction proceeds were US$1.91 billion, down 2% from the first half of 2008. Auction revenues were US$204.1 million, up 4% compared to the year-ago period.
Ritchie sold almost US$425 million of trucks, equipment, and other assets to online bidders during the first half of 2009, representing a 15% increase over approximately US$370 million in the same period last year. More than 115 thousands customers from almost 190 countries have now registered and received approval to bid online. Internet bidders represented about 30% of the total registered bidders at Ritchie Bros. industrial auctions for the six month period ended June 30, 2009
The company's Board declared a quarterly cash dividend of US$0.10 per common share payable on September 11, to shareholders of record on August 21, representing an 11% increase over the company's previous quarterly dividend.
RBA is currently up $0.81 or 3.26% and trades at $25.63.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.