CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — CarGurus Inc. (CARG) on Thursday reported third-quarter profit of $22.5 million.
The Cambridge, Massachusetts-based company said it had net income of 21 cents per share. Earnings, adjusted for asset impairment costs and stock option expense, were 45 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The online auto shopping platform posted revenue of $231.4 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $223 million.
For the current quarter ending in December, CarGurus expects its per-share earnings to range from 50 cents to 55 cents.
The company said it expects revenue in the range of $219 million to $239 million for the fiscal fourth quarter.
CarGurus expects full-year earnings in the range of $1.67 to $1.73 per share, with revenue ranging from $885 million to $905 million.
CarGurus shares have risen 38% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $33.36, a rise of 82% in the last 12 months.
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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 CARG at https://www.zacks.com/ap/CARG
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