Ritchie Bros. Auctioneers reported the following results for the three months ended March 31, 2019:

Net income attributable to stockholders increased 6% to $18.2 million compared to $17.1 million in Q1/18.

Consolidated results:
Total revenue increased 17% to $303.4 million in Q1 2019 compared to $260.2 million in Q1 2018
Service revenue decreased 2% to $172.4 million in Q1 2019 compared to $176.0 million in Q1 2018
Inventory sales revenue increased 56% to $131.1 million in Q1 2019, compared to $84.2 million in Q1 2018
Operating income increased 2% to $33.6 million in Q1 2019 compared to $32.9 million in Q1 2018

Other Services segment results:
Other Services total revenue of $28.9 million increased by 5% from $27.6 million in Q1 2018
Ritchie Bros. Financial Services revenue of $6.3 million increased 32% from $4.7 million in Q1 2018

“We were encouraged by solid GTV growth in the US as a result of new customer acquisition in Strategic Accounts, 9% online GTV growth globally as Marketplace-E continued to build momentum and a 32% revenue increase for RBFS in the quarter which was its 28th consecutive quarter of double-digit growth. We also achieved excellent operational metrics including 6 million unique visitors to our websites, up 17% versus prior year enhancing our network effects,” said Ravi Saligram, chief executive officer, Ritchie Bros.

Saligram continued, “We delivered 3% total company GTV growth on a constant currency basis, with total revenues up 17% driven by a higher mix of inventory sales revenue and delivered 6% earnings per share growth. An inflection in pricing in certain asset classes unfavorably affected underwritten business performance at our Orlando and Moerdijk auctions but we are confident of returning to normal At-Risk rates as we go forward. We were pleased to improve our operating cash flow and continue to be disciplined on cost control allowing us to continue to pay down debt to achieve an adjusted net debt to adjusted EBITDA ratio* of 1.7 times.”

Saligram concluded, “Looking ahead to the rest of the year, we expect gradual easing of supply constraints as the year progresses while recognizing that we remain in a high demand environment for equipment with high utilization rates, a reflection of the resurgent US economy. We remain positive about delivering strong earnings growth in the remainder of 2019.”