Ritchie Bros. Auctioneers Surges on Dividend BoostEric Lam
Ritchie Bros. Auctioneers Inc., the industrial equipment auctioneers, soared the most in four years after reporting better-than-estimated earnings and boosting its dividend.
Ritchie, based in Burnaby, British Columbia, jumped 7.4 percent to C$20.74 at 4 p.m. in Toronto, the biggest gain since May 2009. The shares are little changed this year.
The company posted adjusted second-quarter earnings of 28 cents a share, ahead of the 27-cent average estimate of 14 analysts surveyed by Bloomberg.
Ritchie conducted 72 auctions in 14 countries in the quarter. Auction revenue rose 1 percent to $128.3 million compared with $127.2 million in the same period a year ago, the company said in a release.
“We continue to make progress in growing our sales force and delivering solid results from our ‘at risk’ business, and we believe the full impact of those strategies will be demonstrated in our future performance,” said Peter Blake, Ritchie’s chief executive officer, said in a statement.
The company raised its quarterly dividend to 13 cents a share from 12.25 cents.