Ritchie Bros. Auctioneers (NYSE: RBA) reported Q1 EPS of $0.13, in-line with the analyst estimate of $0.13. Revenue for the quarter came fell 3% to $98.6 million versus the consensus estimate of $101.56 million.

"We are generally pleased with our performance during the first quarter, despite the weather challenges our customers faced in certain markets. Gross auction proceeds grew marginally compared to the same quarter last year, but the effects of a more familiar revenue rate offset that GAP growth," noted Peter Blake, Chief Executive Officer of Ritchie Bros. Auctioneers.

"We continue to focus on growing and enhancing the performance of our global sales team. During the first quarter of 2014 we added more Territory Managers to our sales force, ending the quarter with 287 TMs, a 5% increase in the first three months of 2014. We are actively investing in our revenue producers as they will help drive our long-term growth, and we continue to allocate more resources to regions where we see opportunities to gain further market share."

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