Ritchie Bros profit rises on strong pricing

Thu May 3, 2012 7:20am EDT
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(Reuters) - Canada's Ritchie Bros Auctioneers Inc (RBA.TO: Quote) RBA.N reported a 33 percent rise in first-quarter adjusted profit on strong pricing.

Adjusted net income for the industrial auctioneer rose to $18.0 million, or 17 cents per share, from $13.6 million, or 13 cents per share.

Auction revenue for the company, which sells trucks and other equipment used in the construction, agricultural and mining industries, rose 14 percent to $101.3 million

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)