Openlane reports Q3 EPS 26c, consensus 22c

Reports Q3 revenue $448M, consensus $432.76M. “Openlane (KAR) delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience,” said Peter Kelly, CEO. “I’m particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA with positive contributions from our US, Canadian and European marketplaces.” “Openlane extended its track record of strong financial and operational performance in the third quarter,” said Brad Lakhia, CFO. “On a consolidated basis, we delivered revenue of $448M driven by 6% volume growth, income from continuing operations of $28M, adjusted EBITDA of $75M, and year-to-date cash flow from operating activities of $260 million. Our marketplace segment also demonstrated continued resiliency and profitability, with significant adjusted EBITDA growth while increasing our Gross Merchandise Value by 12% to nearly $7B.”