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KAR Auction Services Q4 Profit Rises

KAR Auction Services Inc. (KAR: Quote), Monday reported fourth-quarter net income of $14.5 million or $0.11 per share, as compared to $7.3 million or $0.05 per share in the fourth quarter last year.

Adjusted net income for the fourth quarter was $0.21 per share compared to $0.20 per share last year. On average, analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter was $479.8 million as compared to $443.2 million in the fourth quarter last year. Wall Street analysts on a consensus estimated revenues of $466.95 million for the quarter.

Looking forward to full year 2012, the company expects earnings in a range of $0.85 - $0.90 per share, and adjusted net income in a range of $1.15 - $1.20 per share. Analysts currently expect earnings of $1.23 per share.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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This footwear company outperformed in the latest first quarter, despite significant headwinds from a strong U.S. dollar, slowdown at the west coast ports and seasonably cold weather in certain key markets and less efficient operations than originally anticipated at the company's European distribution center. UK-based oil giant BP Plc. and French peer Total SA Tuesday reported lower profit for the first quarter, as oil prices declined sharply from the previous year. However, results reflected stronger overall refining environment. Hartford Financial reported a decline in first-quarter profit, despite growth in premiums, due mainly to the absence of gains recorded last year.
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