KAR Auction Services: Q1 Earnings Snapshot

CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — KAR Auction Services Inc. (KAR) on Tuesday reported first-quarter net income of $12.7 million.

The Carmel, Indiana-based company said it had net income of 1 cent per share. Earnings, adjusted for non-recurring costs, came to 12 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The used and salvaged vehicle auctioneer posted revenue of $420.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $388.1 million.

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 Zacks stock report on KAR at https://www.zacks.com/ap/KAR