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RBA Ritchie Bros. reports first quarter 2015 results

BY PR Newswire — 5:20 PM ET 05/07/2015

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Q1 2015 net earnings of $23.6 million; diluted EPS of $0.22
65% increase in net earnings from year ago quarter; new first quarter earnings record
17% increase in revenue; new first quarter revenue record
24% increase in revenue adjusted for constant currency
12.10% revenue rate, achieved through strong performance of underwritten business
62% increase in operating free cash flow from year ago quarter, on a 12-month rolling basis
$62+ million returned to shareholders during the quarter through dividends and share repurchases


(All figures are presented in U.S. dollars)

VANCOUVER, May 7, 2015 /CNW/ - Ritchie Bros. Auctioneers Incorporated reports results for the three months ended March 31, 2015. During the quarter, the Company generated $115.6 million of revenue, a 17% increase compared to revenue of $98.6 million in the first quarter last year, and net earnings1 of $23.6 million, an increase of 65% compared to net earnings of $14.3 million in the first quarter last year. Diluted earnings per share1 ("EPS") were $0.22, a 65% increase compared to $0.13 in the same quarter last year.

"I am very pleased with our team's performance during the first quarter, with strong year-on-year growth in revenue, earnings, operating free cash flow and return on net assets; and am especially encouraged by our strong results in Canada and the U.S., our two priority markets. The 12.1% revenue rate we achieved during the quarter was supported by the excellent performance of our underwritten contracts," said Ravi Saligram, Chief Executive Officer. "It is clear that our team is laser-focused on executing our new strategy and demonstrating the value of our services to our customers. This momentum has continued to build in the second quarter, as evidenced by the April Edmonton auction, which generated the most revenue for a single auction in Ritchie Bros. history."