Industrial auctioneer Ritchie Bros. Auctioneers Inc. (RBA,RBA.TO) Tuesday reported an increase in its net earnings for the third quarter, reflecting lower income taxes.
Third-quarter net earnings rose to US$12.9 million or US$0.12 per share from US$11.9 million or US$0.11 per share in the prior year period.
Adjusted net earnings for the quarter decreased marginally to US$12.9 million from US$13.0 million in the year-ago period. However, adjusted earnings per share for the quarter remained flat at US$0.12. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter.
Auction revenues for the quarter increased slightly to US$75.93 million from US$75.90 million in the previous year. Twelve analysts estimated revenues of US$81.70 million for the quarter. Gross auction proceeds for the quarter totaled US$693.28 million, lower than US$767.71 million last year.
Depreciation and amortization expenses for the quarter amounted to US$7.82 million, compared with US$6.63 million in the previous year. General and administrative for the quarter totaled US$42.10 million compared with US$41.29 million a year earlier. Income taxes for the quarter fell to US$2.47 million from US$4.74 million in the corresponding quarter of last year.
Net earnings for the nine months ended September 30, 2009, declined to US$71.61 million or US$0.68 per share from US$74.26 million or US$0.70 per share in the earlier period.
Adjusted net earnings for the nine-month period grew to US$70.95 million or US$0.67 per share from US$66.25 million or US$0.63 per share a year-ago.
Nine-month auction revenues were US$280.06 million, higher than US$273.12 million in the comparable period. Gross auction proceeds for the nine-month period were US$2.60 billion, 4% lower than US$2.71 billion in 2008 period.
The company conducted 138 industrial auctions in 12 countries throughout North America, Europe, the Middle East, Central America, Asia and Australia during the first nine months of 2009, and set eight regional gross auction proceeds records.
Ritchie Bros. sold over $600 million of trucks, equipment, and other assets to online bidders during the first nine months of 2009, representing a 20% increase compared to last year. Almost 123 thousand unique customers from over 180 countries have now registered and received approval to bid online at Ritchie Bros. auctions. Internet bidders represented about 30% of the total registered bidders at Ritchie Bros. industrial auctions for the nine month period ended September 30, 2009.
The company's board declared a quarterly cash dividend of US$0.10 per common share payable on December 18, to shareholders of record on November 27 2009.
The company's shares are currently down more than 4% and trading at US$21.24 on the NYSE. Shares are currently down more than 5% on the TSX and trading at C$22.92.
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