CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported first-quarter profit of $77.8 million.
The Carmel, Indiana-based company said it had net income of 58 cents per share. Earnings, adjusted for one-time gains and costs, were 70 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $1.05 billion in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $1.01 billion.
KAR Auction Services expects full-year earnings in the range of $2.90 to $3.09 per share.
KAR Auction Services shares have climbed 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $55.98, an increase of 5% 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 https://www.zacks.com/ap/KAR