2015 strong year for Ritchie Bros.
By Andrew Macklin
February 26, 2016 – Despite a small drop in revenues in the fourth quarter, Ritchie Bros. have announced another strong year for equipment sales in 2015.
Ritchie Bros. Auctioneers Incorporated reported results for the three months and year ended December 31, 2015. During the fourth quarter, the Company generated $135.5 million of revenues, a two per cent decrease compared to revenues of $138.5 million in the fourth quarter last year
Included in this quarter’s results were $7.9 million of tax savings generated by tax loss utilization and $8.4 million of revenue related to the sale of property adjacent to Ritchie Bros.’ Edmonton auction site. On an adjusted basis, the Company generated Adjusted Net Income attributable to stockholders of $31.4 million during the fourth quarter, a 12per cent decrease compared to $35.6 million in the fourth quarter of 2014.
In the year ended December 31, 2015, the Company generated $515.9 million of revenues, and net income attributable to stockholders of $136.2 million, a 50 per cent increase from net income attributable to stockholders of $91.0 million in 2014. Adjusted Net Income attributable to stockholders in 2015 was $121.1 million, a 21 per cent increase from Adjusted Net Income attributable to stockholders of $100.3 million in 2014.
“I’m proud of the strong results achieved by the Ritchie Bros. team in 2015, with revenues up seven per cent, 16 per cent organic; adjusted operating income up 20 per cent, 28 per cent organic; and diluted adjusted EPS up 22 per cent versus prior year. Our operating free cash flow of $182.2 million increased 28 per cent compared to last year, once again demonstrating that Ritchie Bros. is a powerful cash generating engine,” said Ravi Saligram, chief executive officer for Ritchie Bros.
“We’re beginning to make solid progress executing our strategic plan: in the US we grew revenues 15 per cent versus prior year – a key geographic focus, and in Canada we continued to grow rapidly, with 23 per cent revenue growth in local currency. We have a strong executive team in place and passionate employees who are committed to winning, which makes me confident we will continue to capitalize on opportunities in the marketplace in 2016.”