KAR Auction Services: Q1 Earnings Snapshot

CARMEL, Ind. (AP) _ KAR Auction Services Inc. (KAR) on Tuesday reported first-quarter net income of $50.9 million.

On a per-share basis, the Carmel, Indiana-based company said it had profit of 25 cents. Earnings, adjusted for non-recurring costs, came to 45 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The used and salvaged vehicle auctioneer posted revenue of $581.6 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $566.4 million.

KAR Auction Services shares have decreased 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.51, a rise of slightly more than 2% 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