Ritchie Bros. Auctioneers Incorporated announces net earnings for the year ended December 31, 2012 of $79.5 million, or $0.74 per diluted share, and adjusted net earnings of $82.6 million, or $0.77 per diluted share. This compares to net earnings of $76.6 million, or $0.72 per diluted share, and adjusted net earnings of $73.6 million, or $0.69 per diluted share, for the year ended December 31, 2011, representing a 12% increase in adjusted net earnings.
Adjusted net earnings is a non-IFRS financial measure and is defined below. Excluding the acquisition and operational costs related to AssetNation, the growth in the company’s adjusted net earnings would have been 17% in 2012. The company’s auction revenues for the year ended December 31, 2012 grew 11% to $438.0 million compared to $396.1 million for the same period in 2011. All dollar amounts in this release are presented in U.S. dollars.
For the three months ended December 31, 2012 net earnings were $22.1 million or $0.21 per diluted share and adjusted net earnings were $22.4 million or $0.21 per diluted share compared to net earnings and adjusted net earnings of $26.8 million or $0.25 per diluted share for the same period in 2011, representing a 16% decrease in adjusted net earnings.