Ritchie Bros. Auctioneers announces record Q4/13 net earnings1 of $33.7 million were up 53% compared to net earnings of $22.1 million generated in the same quarter last year. The company said revenues for the fourth quarter of 2013 grew by 12% to record $131.2 million compared to $117.1 million for the same period in 2012.

For the year ended December 31, 2013, Ritchie Bros. generated net earnings of $93.8 million, up 18% compared to net earnings of $79.6 million in 2012.

“Our performance this quarter demonstrated the operating leverage inherent to Ritchie Bros.’ business model. The record $1.1 billion of gross auction proceeds generated during the fourth quarter, combined with a strong revenue rate and a 38% EBITDA margin, produced more earnings for the company than we’ve ever achieved in the fourth quarter before,” said Peter Blake, CEO of Ritchie Bros. Auctioneers.

Blake continued, “Over the course of 2013, we maintained a disciplined approach to our underwritten business, the results of which bolstered our revenue rate to a record level for the fiscal year. We expect this ongoing strategy, combined with our continued focus on growing our sales team, will position us well in 2014 to capitalize on the improving mix and supply of used equipment coming to market.”

During 2013, the company said it conducted 245 unreserved industrial auctions in 17 countries throughout North America, Central America, Europe, the Middle East, Africa, Asia and Australia.

To read the entire Ritchie Bros. news release, click here.