Equipment auctions remained a strong point in a challenging year as Ritchie Bros. reported a third-quarter profit that eclipsed the company's 2019 Q3 results.
The auctioneer posted a profit of $45.4 million, an 80 percent jump over the third quarter of 2019, and took year-to-date net income attributable to stockholders to $121.239 million overall. Total revenue in the quarter was $331.5 million, up 14 percent from $289.796 million the year previously and brought revenue for the year to $993.8 million through September 30.
"We saw a strong contribution to GTV (gross transaction value) growth across all geographic regions and channels, and are pleased by the growth demonstrated in the third quarter," said Ann Fandozzi, Ritchie Bros. CEO. "Ritchie Bros.' omnichannel platform continues to drive best in class customer experiences and solid price performance. While 100 percent of transactions have moved online, we continue to leverage all the tools in our digital and technology tool box as well as our physical sites for care, custody and control."
Service revenue in the third quarter was up 25 percent year over year to $222.7 million, while inventory sales revenue was down two percent to $108.9 million.
"Our priorities have not changed, we continue to focus on the health and safety of our employees and customers and preserving our strong financial position to benefit our shareholders, customers and employees as the pandemic continues to unfold," Fandozzi said.