CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported third-quarter profit of $47.1 million.
The Carmel, Indiana-based company said it had profit of 23 cents per share. Earnings, adjusted for one-time gains and costs, came to 45 cents per share.
The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $593.6 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $630.3 million.
KAR Auction Services shares have declined 25% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.31, a drop of 34% in the last 12 months.
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