KAR Auction Services, Inc. (reported its second quarter financial results for the three months ended June 30, 2015.
For the second quarter of 2015, the company reported revenue of $658.3 million as compared with revenue of $585.6 million for the second quarter of 2014, an increase of 12 percent. Adjusted EBITDA for the quarter ended June 30, 2015 increased 10 percent to $170.0 million, as compared with adjusted EBITDA of $154.1 million for the quarter ended June 30, 2014. Net income for the second quarter of 2015 increased 17 percent to $59.5 million, or $0.41 per diluted share, as compared with net income of $50.8 million, or $0.36 per diluted share, in the second quarter of 2014. Adjusted net income per diluted share for the quarter ended June 30, 2015 increased 10 percent to $0.46 versus adjusted net income per diluted share of $0.42 for the quarter ended June 30, 2014.
For the 6 months ended June 30, 2015, the company reported revenue of $1,290.7 million as compared with revenue of $1,169.4 million for the 6 months ended June 30, 2014, an increase of 10 percent. Adjusted EBITDA for the 6 months ended June 30, 2015 increased 10 percent to $332.2 million, as compared with Adjusted EBITDA of $301.2 million for the 6 months ended June 30, 2014. Net income for the first 6 months of 2015 increased 59 percent to $114.0 million, or $0.79 per diluted share, as compared with net income of $71.5 million, or $0.51 per diluted share in the first 6 months of 2014. Net income for the 6 months ended June 30, 2014 was negatively impacted by $19.4 million ($0.14 per diluted share) resulting from the company’s refinancing activities. Adjusted net income per diluted share for the 6 months ended June 30, 2015 increased 6 percent to $0.88 versus adjusted net income per diluted share of $0.83 for the 6 months ended June 30, 2014.
The company also announced a cash dividend of $0.27 per share on the company’s common stock. The dividend is payable on October 1, 2015, to stockholders of record as of the close of business on September 23, 2015.
Published in the September 2015 Edition of American Recycler News
