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CarGurus: 3Q Earnings Snapshot

November 8, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CARG at https://www.zacks.com/ap/CARG

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