CarGurus: Q1 Earnings Snapshot
BOSTON (AP) — BOSTON (AP) — CarGurus Inc. (CARG) on Thursday reported first-quarter net income of $39 million.
On a per-share basis, the Boston-based company said it had profit of 37 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 46 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The online auto shopping platform posted revenue of $225.2 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $226.9 million.
For the current quarter ending in June, CarGurus expects its per-share earnings to range from 52 cents to 58 cents.
The company said it expects revenue in the range of $222 million to $242 million for the fiscal second quarter.
CarGurus shares have fallen 24% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $27.95, a rise of 26% in the last 12 months.
_____
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