CarGurus: Q2 Earnings Snapshot

Associated Press Finance
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CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — CarGurus Inc. (CARG) on Wednesday reported second-quarter net income of $16.4 million, after reporting a loss in the same period a year earlier.

The Cambridge, Massachusetts-based company said it had net income of 12 cents per share. Earnings, adjusted for one-time gains and costs, were 29 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The online auto shopping platform posted revenue of $239.7 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $230 million.

For the current quarter ending in September, CarGurus expects its per-share earnings to range from 24 cents to 27 cents.

The company said it expects revenue in the range of $201 million to $221 million for the fiscal third quarter.

CarGurus shares have increased 37% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.24, climbing slightly in the last 12 months.

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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 CARG at https://www.zacks.com/ap/CARG

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