KAR Auction Services Q3 Profit Tops View, But Revenues Miss

(RTTNews) - KAR Auction Services Inc. (KAR) reported that its third-quarter net income was $47.1 million or $0.23 per share, compared to $35.3 million or $0.27 per share in the third quarter of 2019.

Operating adjusted net income from continuing operations per share increased 29% to $0.45 from $0.35 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share. Analysts' estimates typically exclude special items. Quarterly revenue was $593.6 million, a decrease of 15% from $701.9 million in the prior year. Analysts expected revenue of $646.43 million for the quarter.