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CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — KAR Auction Services Inc. (KAR) on Tuesday reported fourth-quarter net income of $37.1 million, after reporting a loss in the same period a year earlier.
The Carmel, Indiana-based company said it had profit of 18 cents per share. Earnings, adjusted for one-time gains and costs, came to 33 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $372.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $361.4 million.
For the year, the company reported profit of $241.2 million, or $1.30 per share. Revenue was reported as $1.52 billion.
KAR Auction Services expects full-year earnings in the range of 37 cents to 47 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 KAR">Zacks stock report on KAR at https://www.zacks.com/ap/KAR