Kar Auction Services (KAR) Misses Q3 EPS by 3c; Approves $500M Stock Buyback

November 3, 2016 4:31 PM EDT
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Kar Auction Services (NYSE: KAR) reported Q3 EPS of $0.50, $0.03 worse than the analyst estimate of $0.53. Revenue for the quarter came in at $773.8 million versus the consensus estimate of $770.84 million.

The company also announced that its board of directors has authorized the repurchase of up to $500 million of the company’s outstanding common stock over the next three years. Repurchases may be made in the open market or through privately negotiated transactions, in accordance with applicable securities laws and regulations, including pursuant to repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The actual timing, number and value of shares repurchased under the program will be determined by the company’s management, at its discretion, and will depend on a number of factors, including the trading price of the stock, general market and business conditions and applicable legal requirements. This program does not oblige the company to repurchase any dollar amount or any number of shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice.

Kar Auction Services reaffirmed FY2016 guidance.

For earnings history and earnings-related data on Kar Auction Services (KAR) click here.

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