CARMEL, Ind. (AP) — CARMEL, Ind. (AP) — OPENLANE, Inc. (KAR) on Wednesday reported first-quarter net income of $18.5 million.
The Carmel, Indiana-based company said it had net income of 5 cents per share. Earnings, adjusted for one-time gains and costs, were 19 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The used and salvaged vehicle auctioneer posted revenue of $416.3 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $429.2 million.
OPENLANE expects full-year earnings in the range of 77 cents to 87 cents per share.
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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 KAR at https://www.zacks.com/ap/KAR
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