Salvage vehicle seller
said second-quarter earnings fell 66.5% on hurricane-related costs.
The company earned $7.9 million, or 8 cents a share, in the quarter, compared with $23.6 million, or 25 cents a share, a year ago. Income from continuing operations was $26.1 million, or 28 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 27 cents a share in the most recent quarter.
Second-quarter revenue rose 16.2% from a year ago to $125.1 million. Analysts were expecting revenue of $126.8 million. Salvage same store revenue and revenue from stores owned or open more than 12 months rose 9%.
Second-quarter operating income rose 1.4% from a year ago to $37 million. Operating margin decreased 431 basis points to 29.6%, hurt by the $4.9 million incremental costs.
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