Ritchie Bros. Auctioneers , the world's largest auctioneer of industrial equipment, announced net earnings for the year ended December 31, 2011 of $76.6 million and adjusted net earnings of $73.6 million. This compares to net earnings of $65.7 million and adjusted net earnings of $64.9 million, for the year ended December 31, 2010, representing a 13% increase in adjusted net earnings. Adjusted net earnings is a non-GAAP financial measure and is defined below.
The Company's auction revenues for 2011 grew 11% to $396.1 million compared to $357.4 million for the same period in 2010. The Company conducted 228 unreserved industrial auctions in 13 countries throughout North America, Europe, the Middle East, Central America and Australia during 2011. All dollar amounts in this release are presented in U.S. dollars.
For the year ended December 31, 2011, gross auction proceeds were $3.7 billion, 13% higher than in 2010 and the highest gross auction proceeds in the Company's history. The Company's auction revenue rate (auction revenues as a percentage of gross auction proceeds) was 10.66% during the year ended December 31, 2011 compared to 10.90% in the year ended December 31, 2010. The Company's revised fee structure, which came into effect on July 1, 2011, contributed $21.9 million to auction revenues for 2011. The Company's at risk business, comprised of guarantee and purchase contracts, represented 36% of gross auction proceeds in 2011 (2010 - 24%).
The Company achieved gross auction proceeds of $1.0 billion for the fourth quarter of 2011, representing a 30% increase compared to the fourth quarter of 2010. Auction revenues were $113.4 million for the fourth quarter of 2011, compared to $88.3 million for the fourth quarter of 2010, an increase of 28%. The Company's auction revenue rate was 10.91% for the fourth quarter of 2011 and 11.06% for the fourth quarter of 2010. The Company's revised fee structure contributed $12.9 million to auction revenues during the most recent quarter.
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