Ritchie Bros. Reports a 14% Increase in Revenue in Q1 2016

May 10, 2016 - Ritchie Bros. Auctioneers Inc. reported first quarter 2016, which ended March 31, 2016, that it has generated $131.9 million in revenue. This is a 14% increase compared to revenues of $115.6 million in the first quarter last year, and net income attributable to stockholders for the first quarter of $29.4 million, a 24% increase compared to $23.8 million in the same period last year. Diluted earnings per share attributable to stockholders were $0.27, a 23% increase compared to $0.22 in the same quarter last year.

"I'm proud of the efforts of the entire Ritchie Bros. team during the first quarter, as we increased GAP by 7% and revenues by 14% compared to the first quarter last year, a significant achievement in light of tough comps, said Ravi Saligram, CEO of Ritchie Bros. “Most of our geographies contributed to this strong performance â€’ most notably Canada, Australia, the Middle East and Mexico. We also experienced growth in all of our key sectors including construction, transportation and agriculture."

He added that the company’s strategy of diversifying into new sectors, geographies, channels and services is working to drive value for customers and shareholders. “We're pleased that our EPS for Q1 2016 grew 23% versus prior year," he said.

Other financial highlights included:

More than $1 billion of Gross Auction Proceeds were achieved during the first quarter for the first time;
Strong Revenue Rate of 12.9%, driven mostly by strong performance in the company's auction businesses and growing fee-based revenue streams;
Q1 2016 revenues increased 14% and operating income increased 19%, compared to Q1 2015; and
Operating Free Cash Flow increased 20% in the 12-months ended March 31, 2016 compared to the same period ended last year.