OPENLANE, Inc. (KAR) reported a profit for its first quarter that increased from the same period last year but missed the Street estimates.
The company's earnings came in at $18.5 million, or $0.05 per share. This compares with $12.7 million, or $0.01 per share, in last year's first quarter.
Excluding items, OPENLANE, Inc. reported adjusted earnings of $27.4 million or $0.19 per share for the period.
Analysts on average had expected the company to earn $0.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 1.0% to $416.3 million from $420.6 million last year.
OPENLANE, Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $18.5 Mln. vs. $12.7 Mln. last year.
-EPS (Q1): $0.05 vs. $0.01 last year.
-Revenue (Q1): $416.3 Mln vs. $420.6 Mln last year.
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