Ritchie Bros. Auctioneers Inc. (RBA, RBA.TO) reported third-quarter net income of US$12.892 million or US$0.12 per share compared to US$11.934 million or US$0.11 per share last year.
Adjusted net income was US$12.892 million or US$0.12 per share compared to US$13.025 million or US$0.12 per share a year ago.
On average, 17 analysts polled by Thomson Reuters expected the company to report profit of US$0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Gross auction proceeds were US$693.3 million compared to US$767.7 million last year. The company noted that its growth in gross auction proceeds in Canada was more than offset by a decline in gross auction proceeds in the United States.
Auction revenues were US$75.9 million compared to US$75.9 million a year ago. Analysts expected revenue of US$81.70 million for the quarter.
The company also announced the declaration of quarterly cash dividend of $0.10 per common share payable on December 18, 2009 to shareholders of record on November 27, 2009.
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