Kar Auction Services (KAR) Misses Q1 EPS by 7c, Revenues Beat; Withdraws FY20 Guidance, Withdraws Dividends

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Go back to Kar Auction Services (KAR) Misses Q1 EPS by 7c, Revenues Beat; Withdraws FY20 Guidance, Withdraws Dividends

KAR Auction Services, Inc. Reports First Quarter 2020 Financial Results

May 7, 2020 6:15 AM EDT

CARMEL, Ind., May 7, 2020 /PRNewswire/ -- KAR Auction Services, Inc. (NYSE: KAR), today reported its first quarter financial results for the period ended March 31, 2020. For the first quarter of 2020, the company reported revenue of $645.5 million as compared with revenue of $689.6 million for the first quarter of 2019, a decrease of 6%. Net income from continuing operations for the first quarter of 2020 decreased 82% to $2.8 million, or $0.02 per diluted share, as compared with net income from continuing operations of $15.3 million, or $0.11 per diluted share, in the first quarter of 2019. Adjusted EBITDA for the quarter ended March 31, 2020 decreased... More