KAR Auction Services Q3 Profit Rises

(RTTNews) - KAR Auction Services, Inc. (KAR) reported third-quarter net income of $22.8 million or $0.16 per share, up from $19.2 million or $0.14 per share last year.

Adjusted earnings improved to $0.29 per share from $0.23 per share last year.

Third-quarter revenues grew 12 percent to $533.7 million from $474.9 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.28 per share on revenues of $510.71 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the full year 2013, the company expects earnings of $0.77 - $0.82 per share and adjusted earnings of $1.15 - $1.20 per share.

Analysts currently expect the company to earn $1.22 per share for the full year 2013.

Earlier, the company expected earnings of $0.82 - $0.87 per share and adjusted earnings of $1.15 - $1.20 per share.