Crane and Hoist Canada

News Business Operations
Ritchie Bros. reports strong Q4 2022 results

February 22, 2023  By Don Horne


Ritchie Bros. Auctioneers Incorporated reported record-breaking results for their fourth quarter, for the three months ending December 31, 2022.

“Ritchie Bros. delivered outstanding bottom line performance in 2022 with record $6 billion in GTV (gross transaction value),” said Ann Fandozzi, CEO of Ritchie Bros. “These results reflect the high bar we set for execution for our team and a strong focus on delivering value for our customers. We are excited by the anticipated closing of the IAA acquisition and its expected impact to Ritchie Bros. for years to come.”

IAA, Inc. is a global digital marketplace connecting vehicle buyers and sellers, facilitating the marketing and sale of total-loss, damaged and low-value vehicles, with more than 210 facilities throughout the U.S., Canada and the United Kingdom.

In addition, Eric Jacobs, CFO of Ritchie Bros. added, “we are pleased with our continued strong financial performance in the fourth quarter. Despite a challenging supply, mix, and pricing environment, the Ritchie Bros. team is executing well, and we are confident in our ability to maintain the momentum.”

Advertisement

Fourth Quarter Financial and Business Metric Highlights:

  • GTV increased 6% year-over-year to $1.5 billion or 9% year-over-year when excluding the impact of foreign exchange;
  • Total revenue increased 24% year-over-year to $443.9 million;
  • Service revenue increased 11% year-over-year to $272.5 million;
  • Inventory sales revenue increased 50% year-over-year to $171.3 million;
  • Net income increased 48% year-over-year to $45.3 million;
  • Diluted earnings per share increased 48% year-over-year to $0.40 per share;
  • Diluted adjusted earnings per share increased 36% year-over year to $0.68 per share; and
  • Adjusted EBITDA increased 24% year-over-year to $121.5 million.

Full Year Financial and Business Metric Highlights:

  • GTV increased 9% year-over-year to $6.0 billion or 12% year-over-year when excluding the impact of foreign exchange;
  • Total revenue increased 22% year-over-year to $1.7 billion;
  • Service revenue increased 14% year-over-year to $1.1 billion;
  • Inventory sales revenue increased 37% year-over-year to $683.2 million;
  • Net income increased 110% year-over-year to $319.8 million;
  • Diluted earnings per share increased 110% year-over-year to $2.86 per share;
  • Diluted adjusted earnings per share increased 24% year-over year to $2.4 per share; and
  • Adjusted EBITDA increased 21% year-over-year to $465.2 million.

(All figures are presented in U.S. dollars)


Print this page

Advertisement

Stories continue below