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

OPENLANE (NYSE:KAR) released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $431.68 million. OPENLANE had a return on equity of 7.85% and a net margin of 3.39%. OPENLANE’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. OPENLANE updated its FY24 guidance to $0.81-$0.87 EPS and its FY 2024 guidance to 0.810-0.870 EPS.

OPENLANE Stock Up 11.9 %

Shares of OPENLANE stock traded up $2.08 during midday trading on Thursday, hitting $19.56. The company’s stock had a trading volume of 1,750,270 shares, compared to its average volume of 700,033. The firm has a market capitalization of $2.12 billion, a P/E ratio of 131.20, a PEG ratio of 1.70 and a beta of 1.44. OPENLANE has a 1-year low of $12.86 and a 1-year high of $19.94. The stock has a 50-day simple moving average of $16.38 and a 200-day simple moving average of $16.93.

Wall Street Analyst Weigh In

Separately, Barrington Research reiterated an “outperform” rating and issued a $25.00 target price on shares of OPENLANE in a report 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.