KAR Auction Services generated significant year-over-year increases in revenue, adjusted EBITDA and net income, according to the company’s financial statement released late on Tuesday.
For the period ending Sept. 30, KAR’s quarterly revenue came in at $589.1 million, up from the $533.7 million that the company produced in the third quarter of last year. The rise represented an increase of 10 percent.
Officials calculated their Q3 adjusted EBITDA climbed 14 percent to $149.1 million, up from $130.6 million a year earlier.
KAR’s most notable increase was in net income, which spiked 108 percent year-over-year to $47.5 million, or $0.33 per diluted share. In the Q3 of last year, the company’s net income was $22.8 million, or $0.16 per diluted share.
Officials added adjusted net income per diluted share for the third quarter climbed 38 percent to $0.40 versus the year-ago mark of $0.29.
Looking at the nine-month span that wrapped up on Sept. 30, KAR reported revenue of $1.7585 billion, up from $1.6327 billion a year earlier for an increase of 8 percent.
The company’s adjusted EBITDA through three quarters climbed 11 percent to $450.3 million, up from $407.0 million a year ago.
Officials highlighted their net income after three-quarters of the year increased 40 percent to $119.0 million, or $0.84 per diluted share. At this point in 2013, their net income stood at $85.3 million, or $0.61 per diluted share.
Finally, KAR’s adjusted net income per diluted share for the first nine months of this year increased 30 percent to $1.22. A year earlier, it came in at $0.94.
And one other note: KAR also announced on Tuesday that its board of directors authorized the repurchase of up to $300 million of shares of the company’s common stock as well as a cash dividend of $0.27 per share on the company’s common stock.
The dividend is payable on Jan. 7 to stockholders of record as of the close of business on Dec. 29.