CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Monday reported second-quarter earnings of $59.5 million.
The Carmel, Indiana-based company said it had profit of 41 cents per share. Earnings, adjusted for amortization costs, were 46 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $658.3 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $626.3 million.
KAR Auction Services expects full-year earnings in the range of $1.62 to $1.77 per share.
KAR Auction Services shares have increased 13 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $39.08, a climb of 35 percent in the last 12 months.
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 http://www.zacks.com/ap/KAR
Keywords: KAR Auction Services, Earnings Report
Automated Insights, source Associated Press News