KAR Auction Services Q3 Adj. EPS Misses Street View

(RTTNews) - KAR Auction Services, Inc. (KAR), Tuesday reported third-quarter net loss of $1.0 million or $0.10 per share, compared with net income of $47.1 million or $0.23 per share last year.

Third-quarter operating adjusted net income was $0.08 per share, compared with $0.45 per share last year.

Revenues for the third quarter was $535.2 million, down 10% compared with $593.6 million last year.

Analysts' polled by Thomson Reuters expected earnings of $0.10 per share on revenues of $521.67 million for the quarter.

"I am pleased with our third quarter performance, particularly given the extremely constrained vehicle supply our industry continues to face," said Peter Kelly, CEO of KAR Global. "We continued to experience solid growth in our digital dealer-to-dealer segment and once again saw record numbers of total active sellers and buyers participate in our marketplaces. Our continued efforts to refine our operating model toward a more digital future contributed to stronger unit economics in the quarter while also positioning KAR for accelerated growth once industry volumes begin to recover."

Further, the company also announced the election of Sanjeev Mehra to KAR's Board of Directors.