OPENLANE (NYSE:KAR) Announces Quarterly Earnings Results

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

OPENLANE Stock Performance

KAR stock traded up $1.94 during mid-day trading on Thursday, hitting $19.42. 1,083,424 shares of the company were exchanged, compared to its average volume of 696,946. OPENLANE has a 1-year low of $12.86 and a 1-year high of $19.94. The firm’s 50 day simple moving average is $16.38 and its 200 day simple moving average is $16.93. The firm has a market cap of $2.11 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 reaffirmed an “outperform” rating and set a $25.00 price objective on shares of OPENLANE in a research note on Monday.

About OPENLANE

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.