KAR Auction Services, Inc. (KAR) reported net income for the first quarter of $29.1 million or $0.21 per share, compared to $26.0 million or $0.19 per share in the comparable quarter last year.
Excluding items, adjusted net income for the latest first quarter was $43.6 million, up from $43.3 million in the prior year quarter. Adjusted earnings per share for the quarter were $0.31, same as last year.
Revenue for the quarter rose 10% to $557.6 million from $506.9 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $0.32 per share on revenue of $541.43 million for the first quarter. Analysts' estimates typically exclude special items.
Looking forward to full year 2013, the company forecast earnings of $0.82 - $0.87 per share and and adjusted earnings of $1.15 - $1.20 per share. Analysts currently expect the company to earn $1.19 per share for the full year 2013.
Earlier, the company expected full year 2013 earnings of $0.82 - $0.87 per share and adjusted earnings of $1.13 - $1.18 per share.
KAR also announced a cash dividend of $0.19 per share on the Company's common stock, payable on July 3, 2013, to stockholders of record as of the close of business on June 24, 2013.
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