Ritchie Bros. Auctioneers announced Q3/13 net earnings of $16.4 million, up 101% from $8.2 million for Q3/12. Adjusted net earnings of $16.0 million in Q3/13 were up 65% from $9.7 million in the same quarter last year. Ritchie said adjusted net earnings, a non-GAAP measure, excludes the after-tax effects of excess property sales and other non-recurring items.

The company said auction revenues for Q3/13 grew 15% to $105.8 million compared to $92.3 million for the same period in 2012. YTD auction revenues of $336.2 million were up from $320.8 million or 5% compared to a year earlier.

During the third quarter of 2013, the company conducted 58 unreserved industrial auctions in 15 countries throughout North America , Central America , Europe , the Middle East , Asia and Australia .

Commenting on the performance of the Company, Peter Blake , CEO of Ritchie Bros. Auctioneers said:

“I am proud of our third quarter results and the great work of our teams worldwide. Our focus remains squarely on growing revenue. The strong performance of our underwritten business helped to bolster our auction revenue rate to its highest level ever, driving meaningful revenue and earnings growth this quarter. We’re also pleased with the progress of our new territory managers, who have been aided by ongoing training and new sales support tools. These developments, along with signals of a stronger market and supply environment reinforce our belief that the company is very well positioned for growth.”

To read the Ritchie Bros. news release click here.