Thungela may consider steelmaking coal in hunt for new assets
The thermal coal producer bought Ensham mine in Australia last year to diversify from South Africa.
Vancouver auctioneer Ritchie Bros.’ net earnings were $93.8 million in 2013 – a jump of 18% compared with 2012 – the company announced March 3.
Annual revenues grew 7%, from $438 million in 2012 to $467.4 million.
“Over the course of 2013, we maintained a disciplined approach to our underwritten business, the results of which bolstered our revenue rate to a record level for the fiscal year,” said Peter Blake, CEO of Ritchie Bros.
“We expect this ongoing strategy, combined with our continued focus on growing our sales team, will position us well in 2014 to capitalize on the improving mix and supply of used equipment coming to market.”
In 2013’s fourth quarter, the company’s net earnings jumped 53% to $33.7 million compared with the same period in 2012.
“Our performance this quarter demonstrated the operating leverage inherent to Ritchie Bros.’ business model,” Blake said.
“The record $1.1 billion of gross auction proceeds generated during the fourth quarter, combined with a strong revenue rate and a 38% EBITDA margin, produced more earnings for the company than we’ve ever achieved in the fourth quarter before.”
Gross auction proceeds in the quarter were $1.1 billion, up 11% year-over-year. The company said this is due in part to the timing of some auctions that did not take place in Q3 2012.
The company, which is the world’s biggest seller of used industrial equipment, held 245 auctions in 17 counties around the world in 2013.
By Emma Crawford Hampel
