Ritchie Bros. Auctioneers Incorporated reported the following results for the three months ended March 31, 2020:
Net income attributable to stockholders increased 26 percent to $22.8 million compared to $18.2 million in Q1 2019. Diluted earnings per share ("EPS") attributable to stockholders increased 24 percent to $0.21 per share in Q1 2020 compared to $0.17 per share in Q1 2019.
"During these unprecedented times, our customers turned to Ritchie Bros. for liquidity and we were able to continue operating our business while keeping the health and safety of our employees and our customers at the forefront", said Ann Fandozzi, chief executive officer of Ritchie Bros.
"Continuing our operations is a testament to our employees, our flexible operational model, our technology and the financial strength of our balance sheet. As social distancing measures took hold, we successfully transitioned our business entirely to online formats quickly and effectively. Overall, we delivered strong first quarter financial performance while providing solid price performance for our customers."
"We are positioned well to manage through this crisis. Our purpose has never been more essential, and we look forward with a great sense of pride, passion and the knowledge that we have traversed many challenging environments in our 60-year history and will continue to be here for our customers."