The announcement came as the Vancouver-based company reported a decline in its second-quarter net income and adjusted earnings and a slight increase in revenue.
Ritchie Bros., a leader among North American industrial auction services, said its adjusted earnings fell to US$30.0 million, or 28 cents per diluted share — one cent above analyst estimates.
The adjusted earnings, reported in U.S. currency, were down seven per cent from $32.5 million or 30 cents per share in the second quarter of 2012.
Net income in the quarter ended June 30 was also $30 million or 28 cents per share but a year earlier was $31.3 million or 29 cents per share.
Analysts had been looking for 27 cents per share of adjusted earnings and 28 cents per share of net income, according to estimates compiled by Thomson Reuters.
The company's revenue from auction services rose to US$128.3 million, up one per cent from $127.2 million.