Ritchie Bros. Auctioneers Inc., which sells industrial equipment to the highest bidders around the world, says its third-quarter earnings rose to $4.6 million US from a year-earlier $1.8 million US.

Earnings for the quarter ended Sept. 30 rose to 13 cents a share, from five cents a year ago, the Vancouver-based firm (TSX:RBA) said Tuesday.

Gross auction sales for the third quarter rose to $364 million US from a year-earlier $307.2 million US and auction revenue rose to $38.4 million from $31.5 million. The firm reports in U.S. dollars.

“Our results to date in 2005 continue to support our long-held belief that our unreserved auctions are the most effective way to match local supply with global demand, thereby creating a global marketplace for industrial assets,” CEO Peter Blake said in a release.

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Posted: 11|2|05 at 9:19 am. Filed under: US Auction News.