KAR reports jump in third-quarter profit, revenue

KAR Auction Services Inc. on Wednesday afternoon reported a surge in profit and revenue in the third quarter.

The Carmel-based company said profit in the period increased 10 percent, to $52.3 million, or 37 cents per share, compared with $47.5 million, or 33 cents per share, in the third quarter of 2014.

Profit adjusted for non-recurring costs came in at 42 cents per share, slightly missing the average estimate of 44 cents by five analysts surveyed by Zacks Investment Research.

KAR revenue rose to $666.7 million, compared with $589.1 million in the year-ago quarter, an increase of 13 percent. Three analysts surveyed by Zacks had expected revenue of $647.2 million.

KAR shares closed Wednesday at $38.42, down 7 cents on the day. Shares are up 11 percent since the beginning of the year and 27 percent in the past 12 months.

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