, a provider of wholesale vehicle auction and related vehicle redistribution services for the automotive industry, said its fourth-quarter earnings rose 5.5%, led by higher revenue per vehicle and favorable currency translation.
The company earned $23.1 million, or 26 cents a share, in the quarter, compared with $21.9 million, or 24 cents a share, a year ago. Analysts surveyed by Thomson Financial were expecting the company to earn 25 cents a share.
Fourth-quarter revenue rose 6.8% from a year ago to $238.6 million. Analysts were expecting revenue of $229 million.
The company expects to earn $1.47 a share to $1.55 a share in 2006, including 3 cents a share of options expense. Analysts were forecasting earnings of $1.55 a share.
"In addition to increasing shareholder value, we set new records for both revenue and earnings, while operationally we further strengthened our management team," the company said.
While revenue from auction and related services rose 7.4% to $206.7 million, revenue per vehicle sold for the segment rose to $460 compared with $430 last year, primarily due to higher wholesale used vehicle prices, higher transportation revenue and favorable Canadian currency translation.
On Tuesday, Adesa fell 31 cents to $25.74.
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