CarGurus: 3Q Earnings Snapshot
CAMBRIDGE, Mass. (AP) _ CarGurus Inc. (CARG) on Wednesday reported third-quarter net income of $12.1 million.
On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of 11 cents. Earnings, adjusted for non-recurring gains, came to 8 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The online auto shopping platform posted revenue of $119 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $112.7 million.
For the current quarter ending in December, CarGurus expects its per-share earnings to range from 6 cents to 7 cents.
The company said it expects revenue in the range of $121 million to $122 million for the fiscal fourth quarter.
CarGurus expects full-year earnings in the range of 26 cents to 27 cents per share, with revenue ranging from $449 million to $450 million.
CarGurus shares have risen 34 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.13, a rise of 35 percent in the last 12 months.