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KAR Auction reports higher earnings, profit

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Carmel-based  KAR Auction Services  Inc. on Monday said it doubled its profit in the fourth quarter compared to the same quarter of the previous year.

The company earned $14.5 million, or 11 cents per share,  in the fourth quarter of 2011 compared with $7.3 million, or 5 cents per share, in the same period of 2010. Revenue surged 8 percent, from $443.2 million to $479.8 million.

For the year, KAR saw revenue rise 3 percent, to $1.88 billion, and earnings increase 4 percent, to $72.2 million.

KAR shares rose 12 cents on Monday, to $15.78 each.

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