KAR Auction Services Q2 Adj. Profit Tops View; Backs FY14 Earnings Outlook

(RTTNews) - KAR Auction Services, Inc. (KAR) Tuesday posted second-quarter net income of $50.8 million or $0.36 per share, compared to $33.4 million or $0.24 per share in the same period last year.

Adjusted net income for the latest second quarter rose to $60.2 million or $0.42 per share from $47.2 million or $0.34 per share in the year-ago period. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.38 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $585.6 million from $541.4 million last year, while nine analysts expected revenues of $577.69 million.

Looking ahead to the fiscal 2014, the company continues to expect earnings in the range of $0.95 to $1.05 per share and adjusted earnings in the order of $1.35 to $1.45 per share. Analysts currently expect full-year earnings of $1.42 per share.