KAR Auction Services: 3Q Earnings Snapshot
CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported third-quarter net income of $77.5 million.
On a per-share basis, the Carmel, Indiana-based company said it had net income of 57 cents. Earnings, adjusted for one-time gains and costs, were 70 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $933.5 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $898.8 million.
KAR Auction Services expects full-year earnings in the range of $2.89 to $3.04 per share.
KAR Auction Services shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $57.72, an increase of 17 percent in the last 12 months.