KAR Auction Services Inc. on Tuesday reported fourth-quarter earnings and revenue that missed analyst expectations.
The Carmel-based used and salvaged vehicle auctioneer lost $17.1 million, or 21 cents per share, in the period, down from a profit of $19.8 million, or 15 cents per share, in the same quarter of 2019. Losses, adjusted for one-time gains and costs, came to 1 cent per share.
The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
KAR also reported revenue of $529.6 million in the period, down from $671.3 million a year ago. Five analysts surveyed by Zacks expected $566.7 million.
KAR said it expects full-year earnings to be 87 cents per share.
Shares in KAR closed at $18.46 each Tuesday, down 3.8%.
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