CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — OPENLANE, Inc. (KAR) on Wednesday reported third-quarter earnings of $12.7 million.
On a per-share basis, the Carmel, Indiana-based company said it had net income of 1 cent. Earnings, adjusted for amortization costs and pretax expenses, came to 18 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $416.3 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $409.3 million.
OPENLANE expects full-year earnings in the range of 60 cents to 70 cents per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KAR at https://www.zacks.com/ap/KAR