`

KAR reports jump in third-quarter profit, revenue

November 4, 2015

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.
 

ADVERTISEMENT

Recent Articles by IBJ Staff and Associated Press

Comments powered by Disqus