KAR Reports Q3 Results

By Staff Writer November 04, 2020

KAR Auction Services Inc. reported revenue of $593.6 million as compared with revenue of $701.9 million for the third quarter of 2019.

In the third quarter, KAR reported its third quarter financial results for the period ended Sept. 30, a decrease of 15 percent. For the third quarter of 2020, the company reported net income from continuing operations of $47.1 million, or $0.23 per diluted share, as compared with net income from continuing operations of $34.4 million, or $0.26 per diluted share, in the third quarter of 2019. Adjusted EBITDA increased 8 percent to $139.2 million, as compared with Adjusted EBITDA of $129.2 million for the quarter. Operating adjusted net income from continuing operations per diluted share increased 29 percent to $0.45 for the quarter, as compared with operating adjusted net income from continuing operations per diluted share of $0.35. 

The company reported revenue of $1,658.1 million as compared with revenue of $2,110.6 million for the nine months ended Sept 30, a decrease of 21 percent. For the nine months ended September 30, 2020, the company reported net income from continuing operations of $17.6 million, or $0.04 per diluted share, as compared with net income from continuing operations of $77.1 million, or $0.58 per diluted share, in the first nine months of 2019. Adjusted EBITDA for the third quarter, decreased 21 percent to $307.8 million, as compared with Adjusted EBITDA of $388.0 million for the nine months ended September 30, 2019

Operating adjusted net income from continuing operations per diluted share decreased 31 percent to $0.59 for the nine months ended the third quarter, as compared with operating adjusted net income from continuing operations per diluted share of $0.85 for the nine months. The company's operating results for the nine months ended September 30, 2020 were significantly impacted by the COVID-19 pandemic. In addition, the company recorded a $29.8 million charge for the impairment of goodwill and other intangible assets in the second quarter of 2020.

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Last modified on Monday, 09 November 2020 13:06