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KAR Auction Services: 2Q Earnings Snapshot

Last Updated Aug 5, 2020 at 12:16 am EDT

CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported a second-quarter loss of $32.3 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Carmel, Indiana-based company said it had a loss of 25 cents. Earnings, adjusted for one-time gains and costs, came to 8 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.

The used and salvaged vehicle auctioneer posted revenue of $419 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $441.6 million.

KAR Auction Services shares have decreased 27% since the beginning of the year. The stock has dropped 38% 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 KAR at https://www.zacks.com/ap/KAR

The Associated Press