KAR Auction Services: 3Q Earnings Snapshot
CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported third-quarter earnings of $35.3 million.
The Carmel, Indiana-based company said it had net income of 27 cents per share. Earnings, adjusted for one-time gains and costs, came to 35 cents per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $701.9 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $695.6 million.
KAR Auction Services expects full-year earnings in the range of $1.12 to $1.22 per share.
KAR Auction Services shares have dropped 47% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $25.48, a decline of 56% in the last 12 months.