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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowKAR Auction Services Inc. met Wall Street expectations with its first quarter earnings report Tuesday despite bringing in slightly less revenue than predicted.
The Carmel-based company had a profit of $54.5 million, or 38 cents per share, in the latest period, compared with $20.7 million, or 15 cents per share, in the first quarter of 2014.
Earnings, adjusted for amortization costs, came to 42 cents per share, meeting the average estimate of six analysts surveyed by Zacks Investment Research.
KAR’s revenue rose 8 percent from a year ago, to $632.4 million. Analysts surveyed by Zacks expected revenue of $637.7 million.
The company said it expects full-year earnings in the range of $1.60 to $1.75 per share, and it announced a cash dividend of 27 cents per share.
KAR operates used vehicle auction services throughout North America and has several subsidiaries, including ADESA Inc., Insurance Auto Auctions Inc. and Automotive Finance Corp.
The company’s quarterly report was released Tuesday after the market closed. KAR shares were up about 1.5 percent, to $36.45 each, in early trading Wednesday. The stock has risen about 5 percent since the beginning of the year.
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