KAR sees surge in quarterly revenue, earnings

August 4, 2015

KAR Auction Services Inc. reported big jumps in revenue and profit in the second quarter, topping analyst expectations.

The Carmel-based company on Monday said it earned $59.5 million, or 41 cents per share, in the quarter, up 17 percent from the same quarter of 2014.

Adjusted earnings reached 46 cents per share, beating the average estimate of five analysts surveyed by Zacks Investment Research by 1 cent.

The company brought in revenue of $658.3 million in the period, up 12 percent from a year ago. Three analysts surveyed by Zacks expected revenue of $626.3 million.

KAR said it expects full-year earnings in the range of $1.62 to $1.77 per share.

Company shares closed Tuesday at $38.64 each, down 1.1 percent.

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