KAR Auction Services Q4 Profit Misses Estimates - Quick Facts

(RTTNews) - KAR Auction Services, Inc. (KAR) reported a fourth-quarter net loss of $17.6 million, or $0.13 per share, compared to net income of $22.9 million, or $0.16 per share, prior year. The company said its net loss for the fourth quarter of 2013 was primarily the result of non-cash profit interest expense, which is not deductible for income tax purposes. Adjusted EBITDA increased 9% to $131.2 million, from $119.9 million, a year ago. Adjusted net income per share was $0.26, for the quarter.

On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.27 for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues increased to $540.6 million, from $493.7 million. Analysts expected revenue of $541.37 million for the quarter.

KAR Auction Services, Inc. expects 2014 adjusted EBITDA of $580 million-$600 million. The company also expects net income per share of $1.01-$1.12 and adjusted net income per share of $1.31-$1.42. Analysts expect the company to report fiscal 2014 earnings per share of $1.44.

KAR's Board also announced a cash dividend of $0.25 per share on the company's common stock. The dividend is payable on April 3, 2014, to stockholders of record as of the close of business on March 26, 2014.