Ritchie Bros. Auctioneers reports Q4 profit and revenue up from year ago

VANCOUVER – Ritchie Bros. Auctioneers Inc. reported its fourth-quarter profit and sales were up compared with a year earlier.

The company, which keeps its books in U.S. dollars, reported a profit of $45.3 million or 40 cents per diluted share for the quarter ended Dec. 31, up from a profit of $30.6 million or 27 cents per diluted share in the fourth quarter of 2021.

Revenue totalled US$443.9 million for the quarter, up from $359.4 million a year earlier.

On an adjusted basis, Ritchie Bros. says it earned 68 cents per diluted share, up from an adjusted profit of 50 cents per diluted share in the last three months of 2021.

The results come as the company works to win shareholder support for its plan to buy automotive salvage company IAA.

Several Ritchie Bros. shareholders have voiced their opposition to the deal that will be voted on by shareholders of both companies on March 14.

This report by The Canadian Press was first published Feb. 22, 2023.

Companies in this story: (TSX:RBA)