05/05/2014 07:28 EDT | Updated 07/05/2014 05:59 EDT

Ritchie Bros. profits up 2 per cent to $14.3M in Q1, revenues down 3 per cent

VANCOUVER - Ritchie Bros. Auctioneers Inc. (TSX:RBA) reports first-quarter net earnings of $14.3 million, up two per cent, helped by the effects of a favourable tax rate and foreign exchange gains.

That's 13 cents per diluted share, and compares with $14 million, or 13 cents per diluted share, in the same quarter of last year.

Revenues for the auctioneer of heavy equipment were down three per cent to $98.6 million, compared with $102.1 million year-over-year.

During the first quarter of 2014, Ritchie Bros. says it conducted 35 unreserved industrial auctions in 11 countries in North America, Europe, the Middle East and


Gross auction proceeds were $855.4 million for the first quarter of 2014, a one per cent increase compared with the same quarter of 2013.

"We are generally pleased with our performance during the first quarter, despite the weather challenges our customers faced in certain markets," CEO Peter Blake said in a news release on Monday.

Ritchie Bros. has operations in more than 25 countries, including 44 auction sites worldwide.