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Ritchie Bros Auctioneers earnings slip 38%

Reuters
9:30 AM, E.T. | February 24, 2011
Industrials

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Industrial auctioneer Ritchie Bros Auctioneers Inc. (RBA-T) reported a 38-percent fall in fourth-quarter profit, hurt by a drop in auction revenue, but expects the used equipment market to return "to a more balanced state" in 2011.

The Canadian company, which auctions industrial equipment and trucks, said auction revenue fell 9 percent to $88.3 million US.

Net income fell to $13.5 million, or 13 cents a share, from $21.8 million, or 21 cents a share, last year.

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