KAR Global Swings Positive
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based KAR Auction Services Inc. (NYSE: KAR) is reporting third quarter net income of $47.1 million, compared to $34.4 million during the same period a year ago.
The report reflects a bounce higher from August when the company announced a second quarter net loss of $32.3 million, as the company felt the impact of the COVID-19 pandemic.
In April, KAR Global announced it would furlough 11,000 workers from its worldwide operations due to the pandemic.
While a portion of those employees has returned to work, the pandemic still weighs heavily on the company.
“Given the evolving health, economic, social and governmental environments, the potential impact that COVID-19 could have on our business remains uncertain,” the company said in a news release. “The extent to which the COVID-19 outbreak impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.”
The company warns that even after the COVID-19 outbreak has subsided, it may continue to experience materially adverse impacts to its business as a result of its global economic impact.
To view the full earnings report, click here.