Ritchie Bros. Auctioneers announced net earnings for first quarter 2004 of $6.6 million, compared to $8.6 million, in first quarter 2003.

Gross auction sales for the quarter were $378.6 million, 11 percent higher than in first quarter 2003, making this the largest first quarter gross auction sales in the company’s history.

Particularly strong sales volumes in the United States contributed to the growth in gross auction sales. Auction revenues were $37.7 million, an increase of 4 percent over the same period in the prior year.

“Prices for good quality, late model equipment in most of our markets have remained strong in 2004," said David E. Ritchie, chairman and CEO. "We are seeing solid demand for equipment in most of our markets, while the supply of good quality equipment remains tight.”