KAR Auction Services: 4Q Earnings Snapshot
CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported fourth-quarter net income of $67.3 million.
The Carmel, Indiana-based company said it had profit of 50 cents per share. Earnings, adjusted for amortization costs and non-recurring costs, were 62 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $929 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $936.4 million.
For the year, the company reported profit of $328 million, or $2.42 per share. Revenue was reported as $3.77 billion.
KAR Auction Services expects full-year earnings in the range of $2.90 to $3.09 per share.
KAR Auction Services shares have increased 13 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $53.85, an increase of 3.5 percent in the last 12 months.