Notable News Spotlight: KAR Auction Services (NYSE:KAR)

On Tuesday KAR Auction Services (NYSE:KAR) stock traded volume of 3390470 shares during its last trading session as compared to its average volume of 2214130 shares over the recent month. KAR ended its day with the above stream along the move of 3.62% and closed at the price of $25.49 before opening at $24.82. It has total market capitalization is $3402282817. 52 week range of the stock remained $ – 28.61 while its day lowest price was $24.47 and its hit its day highest price at $25.98

On Nov. 5, 2019, KAR Auction Services (NYSE:KAR) declared its third quarter financial results for the period ended September 30, 2019. For the third quarter of 2019, the company reported revenue from continuing operations of $701.9 million as compared with revenue from continuing operations of $612.4 million for the third quarter of 2018, an increase of 15%. Net income from continuing operations for the third quarter of 2019 increased 11% to $34.4 million, or $0.26 per diluted share, as compared with net income from continuing operations of $30.9 million, or $0.23 per diluted share, in the third quarter of 2018. Adjusted EBITDA from continuing operations for the quarter ended September 30, 2019 increased 2% to $129.2 million, as compared with Adjusted EBITDA from continuing operations of $126.4 million for the quarter ended September 30, 2018. Operating adjusted net income from continuing operations per diluted share increased 9% to $0.35 for the quarter ended September 30, 2019, as compared with operating adjusted net income from continuing operations per diluted share of $0.32 for the quarter ended September 30, 2018. Included in the company’s consolidated results were operating losses from TradeRev of $18.8 million and $14.8 million for the three months ended September 30, 2019 and 2018, respectively.

For the nine months ended September 30, 2019, the company reported revenue from continuing operations of $2,110.6 million as compared with revenue from continuing operations of $1,849.0 million for the nine months ended September 30, 2018, an increase of 14%. Net income from continuing operations for the nine months ended September 30, 2019 decreased 25% to $77.1 million, or $0.58 per diluted share, as compared with net income from continuing operations of $102.5 million, or $0.76 per diluted share, in the first nine months of 2018. Adjusted EBITDA from continuing operations for the nine months ended September 30, 2019 decreased 2% to $388.0 million, as compared with Adjusted EBITDA from continuing operations of $394.7 million for the nine months ended September 30, 2018. Operating adjusted net income from continuing operations per diluted share decreased 19% to $0.85 for the nine months ended September 30, 2019, as compared with operating adjusted net income from continuing operations per diluted share of $1.05 for the nine months ended September 30, 2018. Included in the company’s consolidated results were operating losses from TradeRev of $51.6 million and $37.3 million for the nine months ended September 30, 2019 and 2018, respectively.

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