KAR Auction Services: 2Q Earnings Snapshot
CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported second-quarter earnings of $93.2 million.
The Carmel, Indiana-based company said it had profit of 69 cents per share. Earnings, adjusted for one-time gains and costs, were 82 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $956.6 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $923 million.
KAR Auction Services expects full-year earnings in the range of $2.89 to $3.04 per share.
KAR Auction Services shares have risen 20 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $60.69, a climb of 46 percent in the last 12 months.