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KAR Auction Services misses 4Q profit forecasts

CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported fourth-quarter net income of $45.5 million.

On a per-share basis, the Carmel, Indiana-based company said it had profit of 33 cents. Earnings, adjusted for one-time gains and costs, were 45 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.

The used and salvaged vehicle auctioneer posted revenue of $813.7 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $782.5 million.

For the year, the company reported profit of $222.4 million, or $1.60 per share. Revenue was reported as $3.15 billion.

KAR Auction Services expects full-year earnings in the range of $2.15 to $2.25 per share.

KAR Auction Services shares have climbed 9.5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $46.69, a climb of 41 percent 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 KAR at https://www.zacks.com/ap/KAR

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Keywords: KAR Auction Services, Earnings Report