CarGurus: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

CAMBRIDGE, Mass. (AP) _ CarGurus Inc. (CARG) on Thursday reported second-quarter earnings of $7.1 million.

On a per-share basis, the Cambridge, Massachusetts-based company said it had net income of 6 cents. Earnings, adjusted for stock option expense and restructuring costs, came to 19 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

The online auto shopping platform posted revenue of $94.7 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $85.8 million.

For the current quarter ending in October, CarGurus expects its per-share earnings to range from 21 cents to 23 cents.

The company said it expects revenue in the range of $132 million to $135 million for the fiscal third quarter.

CarGurus expects full-year earnings in the range of 66 cents to 69 cents per share, with revenue ranging from $518 million to $524 million.

CarGurus shares have dropped nearly 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $31.80, a fall of slightly more than 3% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CARG at https://www.zacks.com/ap/CARG