May 3, 2012 / 2:02 PM / 6 years ago

UPDATE 1-Ritchie Bros profit rises on strong pricing

* Q1 adj EPS $0.17 vs $0.13 year ago

* Auction revenue up 14 pct

* Gross auction proceeds rises 2 pct

May 2 (Reuters) - Canada’s Ritchie Bros Auctioneers Inc reported a 33 percent rise in first-quarter adjusted profit on strong equipment pricing.

The company, which began more than half a century ago as a family-run business in British Columbia, Canada, sells trucks and other equipment used in the construction, agricultural and mining industries.

It auctions Caterpillar Inc, Komatsu Ltd, Manitowoc Co Inc and Liebherr trucks and cranes.

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, a year earlier.

Auction revenue rose 14 percent to $101.3 million.

The company said its revised fee structure contributed $10.8 million to auction revenue in the quarter.

Gross auction proceeds for the company, which conducts auctions in Europe, the Middle East and Asia, rose 2 percent to $865 million.

Auction revenue rate — which is auction revenue as a percentage of gross auction proceeds — was up at 11.71 percent from 10.39 percent in the year-ago period.

Other companies offering similar services include IronPlanet, Great American Group, GoIndustry, Hilco Industrial, Alex Lyons & Son and Dubai’s World Wide Auctioneers.

Shares of the Ritchie Bros, which has a market value of $2.23 billion, were trading up 37 Canadian cents at C$21.10 on Thursday on the Toronto Stock Exchange. They have risen nearly 30 percent in the past year.

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