Ritchie Bros. reported Q1/18 net income of $17.1 million, which marked a 65% improvement compared to $10.4 million for the same quarter in 2017. Total revenues, as presented under the new revenue standard, were $260.2 million, marking a 30% increase over Q1/17.

Ion the Auctions & Marketplace segment, gross transaction value of $1.2 billion increased 29% from $0.9 billion, while total revenues of $232.6 million increased 30% from $179.1 million in Q1/17. A&M agency proceeds of $156.8 million increased 36% from $115.7 million and the A&M revenue rate improved 10 basis points over Q1/17. The A&M agency proceeds rate improved 60 bps over Q1/17.

“We achieved strong revenue and agency proceeds growth in the first quarter as our teams leveraged the capabilities of the combined company to win new business, tap into existing customers and drive multi-channel offerings despite supply constraints and fewer auctions and selling days. In the quarter, over 70% of our live industrial auctions posted strong year-on-year growth comps across major geographies through excellent price realization and improvement in rate,” said Ravi Saligram, Ritchie Bros. CEO. “We are encouraged to see early signs of recovery starting in Canada and growth momentum internationally but continue to navigate very tight supply conditions in the US market. RBFS, Mascus and the Government business performed extremely well and we are beginning to experience the benefits of the Caterpillar Alliance. Overall, we’re off to a good start in the year and will continue to be focused on executing against our multi-channel initiatives.”