Ritchie Bros. Reports Lower 3Q Income; Revenue Improves
Ritchie Bros. Auctioneers reported third-quarter net income declined from a year ago on higher expenses, as gross auction proceeds rose 12%.
Net income declined to $9.3 million, or 9 cents per share, from $16.3 million, or 15 cents, a year ago. Expenses rose 2% to $71 million.
Gross auction proceeds rose to $886.9 million from $798.6 million in the same period last year, the Vancouver, British Columbia, company reported Nov. 4.
Ritchie reports earnings in U.S. dollars.