KAR Auction Services Q2 Net Income Rises - Quick Facts

(RTTNews) - KAR Auction Services, Inc. (KAR) reported that its second quarter net income increased to $59.5 million, or $0.41 per share, from $50.8 million, or $0.36 per share, in the second quarter of 2014. Adjusted net income per share was $0.46, for the quarter.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.46 for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA increased 10% to $170.0 million, from $154.1 million for the quarter ended June 30, 2014.

Revenue was $658.3 million compared to $585.6 million for the second quarter of 2014, an increase of 12%. Analysts expected revenue of $627.61 million for the quarter.

The company announced a cash dividend today of $0.27 per share on the common stock. The dividend is payable on October 1, 2015, to stockholders of record as of the close of business on September 23, 2015.

For fiscal 2015, the company projects adjusted net income per share in the range of $1.62 - $1.77; and adjusted EBITDA in the range of $635 million - $665 million. Analysts expect the company to report earnings per share of $1.72.