OPENLANE (NYSE:KAR) Releases Earnings Results, Beats Estimates By $0.05 EPS

OPENLANE (NYSE:KAR) issued its quarterly earnings data on Wednesday. The specialty retailer reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.05, Briefing.com reports. The business had revenue of $448.00 million for the quarter, compared to analysts’ expectations of $431.68 million. OPENLANE had a net margin of 3.39% and a return on equity of 7.85%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. OPENLANE updated its FY24 guidance to $0.81-$0.87 EPS and its FY 2024 guidance to 0.810-0.870 EPS.

OPENLANE Trading Up 11.9 %

KAR stock traded up $2.08 during trading hours on Thursday, hitting $19.56. 1,750,270 shares of the stock traded hands, compared to its average volume of 700,033. The stock has a 50-day simple moving average of $16.38 and a 200 day simple moving average of $16.93. OPENLANE has a one year low of $12.86 and a one year high of $19.94. The company has a market cap of $2.12 billion, a P/E ratio of 131.20, a P/E/G ratio of 1.70 and a beta of 1.44.

Analyst Ratings Changes

Separately, Barrington Research restated an “outperform” rating and set a $25.00 price target on shares of OPENLANE in a research report on Monday.

OPENLANE Company Profile

OPENLANE, Inc, together with its subsidiaries, operates as a digital marketplace for used vehicles, which connects sellers and buyers in North America, Europe, the Philippines, and Uruguay. The company operates through two segments, Marketplace and Finance. The Marketplace segment offers digital marketplace services for buying and selling used vehicles.