KAR Auction Services Q1 Profit Meets Estimate; Backs FY15 View

(RTTNews) - KAR Auction Services, Inc. (KAR) reported net income for the first quarter of $54.5 million or $0.38 per share, compared to $20.7 million or $0.15 per share for the year-ago quarter.

Excluding items, adjusted earnings per share for the first quarter increased to $0.42 from $0.41 in the prior year quarter.

Revenue for the first quarter rose 8% to $632.4 million from $583.8 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.42 per share on revenue of $631.26 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward, the company said it continues to expect 2015 earnings per share of $1.40 to $1.55 and adjusted earnings per share of $1.60 to $1.75. Analysts currently expect the company to earn $1.72 per share for the full year 2015.