KAR Auction Services Inc (KAR) reported quarterly earnings results on Tuesday, May-3-2016. The company said it had a profit of $0.55 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.50. The company posted revenue of $745.00 million in the period, compared to analysts expectations of $692.48 million. The company’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.
Many Wall Street Analysts have commented on KAR Auction Services Inc. Shares were Reiterated by Sterne Agee CRT on May 2, 2016 to “Buy” and Lowered the Price Target to $ 44 from a previous price target of $46 .KAR Auction Services Inc was Downgraded by Goldman to ” Neutral” on Feb 12, 2016.
KAR Auction Services Inc closed down -1.02 points or -2.71% at $36.58 with 31,17,971 shares getting traded on Monday. Post opening the session at $37.36, the shares hit an intraday low of $35.8301 and an intraday high of $37.57 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.
In a different news, on Apr 14, 2016, John C Hammer (President and CEO of AFC) sold 7,500 shares at $39.00 per share price. According to the SEC, on Mar 8, 2016, Kelly Peter (CTO & Pres of Digital Srvs Grp) sold 15,000 shares at $36.22 per share price. On Feb 23, 2016, Thomas J. Caruso (Chief Client Officer) purchased 192 shares at $33.90 per share price, according to the Form-4 filing with the securities and exchange commission.
KAR Auction Services Inc. is a provider of vehicle auction services in North America. We operate as three reportable business segments: ADESA Inc. (ADESA Auctions) Insurance Auto Auctions Inc. (IAA) and Automotive Finance Corporation (AFC). ADESA Auctions is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. IAA is a provider of salvage vehicle auctions and related services. AFC is a provider of floorplan financing to independent used vehicle dealers. The Company provides auction services for sellers of used or whole car vehicles and salvage vehicles through a network of around 233 physical auction locations including 65 whole car auction locations and 168 salvage auction locations and multiple Internet venues. It also offers ancillary services including transportation reconditioning inspections marshalling titling and floorplan financing.