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Open Lending: 3Q Earnings Snapshot

·1 min read

AUSTIN, Texas (AP) _ Open Lending Corporation (LPRO) on Tuesday reported a third-quarter loss of $71.1 million, after reporting a profit in the same period a year earlier.

The Austin, Texas-based company said it had a loss of 62 cents per share. Earnings, adjusted for non-recurring costs, came to 10 cents per share.

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

The company posted revenue of $29.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $26.2 million.

Open Lending expects full-year revenue in the range of $89 million to $108 million.

Open Lending shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.91, more than doubling 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 LPRO at https://www.zacks.com/ap/LPRO