KAR Auction Services Slips To Loss In Q4; Stock Plunges

 KAR Auction Services Slips To Loss In Q4; Stock Plunges

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(RTTNews) – KAR Auction Services Inc. (KAR) reported that its fourth-quarter net loss was $17.1 million or $0.21 per share, compared to net income of $19.8 million or $0.15 per share in the prior year.

Adjusted operating net loss from continuing operations per share was $0.01 compared to adjusted operating net income of $0.19 in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.

Revenue for the quarter declined to $529.6 million from $671.3 million last year. Analysts expected revenue of $571.95 million for the quarter.

The company expects net income from continuing operations of at least $90 million and adjusted EBITDA of at least $475 million for fiscal year 2021.

KAR closed Tuesday’s regular trading at $18.46, down $0.73 or 3.80 percent. The stock further dropped $2.90 or 15.71 percent.

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