Ritchie Bros. Auctioneers Provides Revenue Guidance for the Fourth Quarter of 2013, Revises Earnings Guidance for the Year 2013 and Provides Cap Expenditures Guidance for the Year 2014
Nov 5 13
Ritchie Bros. Auctioneers provided revenue guidance for the fourth quarter of 2013, revised earnings guidance for the year 2013 and provided cap expenditures guidance for the year 2014. The company's updated earnings guidance on auction revenue rate would be 11.5% to 12% for the fourth quarter 2013.
The company now expects revenue for the year 2013 to be in the range of $440 million to $465 million up slightly from previous guidance. The company is revising the range of earnings before tax growth guidance for the year to mid-single digit growth from the year earlier, up from previous guidance of flat to 5% growth. The company continues to guide to capex of around $60 million for the year 2013.
The company expects cap expenditures will drop below $50 million in 2014.
Ritchie Bros. Auctioneers Incorporated Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 5 13
Ritchie Bros. Auctioneers Incorporated announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net earnings of $16.4 million, or $0.15 per diluted share. This compares to net earnings of $8.2 million, or $0.08 per diluted share for the quarter ended September 30, 2012, representing a 101% increase in net earnings. Adjusted net earnings were $16.0 million or $0.15 per diluted share compares to adjusted net earnings of $9.7 million, or $0.09 per diluted share in the same quarter last year, representing a 65% increase. The company's auction revenues grew 15% to $105.8 million compared to $92.3 million for the same period in 2012. Gross auction proceeds were $789,640,000 compared to $848,536,000 for the same period a year ago. Earnings from operations were $25,398,000 compared to $14,918,000 for the same period a year ago. Earnings before income taxes were $25,633,000 compared to $11,223,000 for the same period a year ago.
For the nine months, the company reported net earnings were $60.5 million, or $0.57 per diluted share, and adjusted net earnings were $60.1 million, or $0.56 per diluted share. This compares to net earnings of $57.4 million, or $0.54 per diluted share, and adjusted net earnings of $60.2 million, or $0.56 per diluted share, for the nine months ended September 30, 2012. This represents a 1% decrease in adjusted net earnings. Auction revenues grew 5% to $336.2 million compared to $320.8 million for the same period in 2012. Gross auction proceeds were $2,707,935,000 compared to $2,907,578,000 for the same period a year ago. Earnings from operations were $88,641,000 compared to $86,908,000 for the same period a year ago. Earnings before income taxes were $87,342,000 compared to $80,705,000 for the same period a year ago.
Ritchie Bros. Auctioneers Incorporated Declares Quarterly Cash Dividend Payable on December 13, 2013
Nov 5 13
Ritchie Bros. Auctioneers Incorporated announced the declaration of a quarterly cash dividend of $0.13 per common share payable on December 13, 2013 to shareholders of record as of November 22, 2013.
Ritchie Bros. Auctioneers Incorporated Presents at Credit Suisse Global Industrials Conference, Dec-04-2013 02:00 PM
Oct 17 13
Ritchie Bros. Auctioneers Incorporated Presents at Credit Suisse Global Industrials Conference, Dec-04-2013 02:00 PM. Venue: One Madison Avenue, New York, New York, United States. Speakers: Robert A. McLeod, Chief Financial Officer.
Peter Blake to Step Down as Chief Executive Officer of Ritchie Bros. Auctioneers, Effective from May 2014
Oct 8 13
Ritchie Bros. Auctioneers announced that Chief Executive Officer Peter Blake will step down in May 2014, at the time of the company's next Annual General Meeting. During the interim period Mr. Blake will remain as CEO, continuing to lead the company. Mr. Blake joined Ritchie Bros. in 1991 and has served as CEO of Ritchie Bros. since 2004.