OPENLANE: Q4 Earnings Snapshot
CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — OPENLANE, Inc. (KAR) on Tuesday reported fourth-quarter net income of $14.3 million.
The Carmel, Indiana-based company said it had profit of 2 cents per share. Earnings, adjusted for one-time gains and costs, came to 16 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $391.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $396.1 million.
For the year, the company reported a loss of $154.1 million, or $1.82 per share. Revenue was reported as $1.65 billion.
OPENLANE expects full-year earnings in the range of 77 cents to 87 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