OPENLANE INC Reports Second Quarter Earnings Results for FY2023
August 7, 2023
🌥️Earnings Overview
Openlane Inc ($NYSE:KAR). reported its earnings for the second quarter of fiscal year 2023, which concluded on June 30, 2023. Total revenue for the quarter amounted to USD 416.9 million, an 8.5% increase from the same period last year. Net income reported a decrease to a loss of USD 193.8 million, compared to a profit of USD 210.2 million in the comparable quarter in the previous year.
Market Price
On Wednesday, OPENLANE INC reported its second quarter earnings results for fiscal year 2023. The company’s stock opened at $15.7 and closed at $15.6 on Wednesday, down by 1.3% from prior closing price of 15.9. This minor drop in stock price is attributed to investors taking profits after the company released its earnings report. Despite the minor decrease in stock price, analysts remain positive about OPENLANE INC’s prospects in the coming quarters.
The company has consistently delivered strong returns and has managed to remain profitable even during challenging times. Analysts also point out that the company has been steadily investing in R&D and expanding its product line, which could lead to further growth in the future. Investors should be cautiously optimistic about OPENLANE INC’s outlook for the rest of FY2023. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Openlane Inc. More…
| Total Revenues | Net Income | Net Margin |
| 1.6k | -176.4 | -0.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Openlane Inc. More…
| Operations | Investing | Financing |
| 26.8 | 229.6 | -811.9 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Openlane Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.9k | 2.95k | 17.83 |
Key Ratios Snapshot
Some of the financial key ratios for Openlane Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -13.0% | 1.9% | 1.2% |
| FCF Margin | ROE | ROA |
| -1.8% | 0.7% | 0.2% |
Analysis
GoodWhale has conducted an analysis of OPENLANE INC‘s financials, and based on our Risk Rating system, we have concluded that OPENLANE INC is a medium risk investment in terms of both the financial and business aspects. We have identified two significant risk warnings in the income sheet and the balance sheet. To learn more about these warnings and the overall risk ratings, please register on GoodWhale.com. Our website provides a detailed analysis of OPENLANE INC’s financials and helps you make informed decisions about potential investments. More…
Peers
The company operates through three segments: ADESA, Inc, Insurance Auto Auctions, Inc, and Capital One Auto Finance. KAR Auction Services was founded in 2002 and is headquartered in Carmel, Indiana. Some of KAR Auction Services’ competitors include NowAuto Inc, America’s Car-Mart Inc, and Peter Warren Automotive Holdings Ltd.
– NowAuto Inc ($OTCPK:NWAU)
America’s Car-Mart, Inc. is engaged in the operation of used automobile dealerships in the United States. The company operates through two segments, Automotive Sales and Automotive Finance. It offers financing for the purchase of vehicles to customers who are unable to obtain traditional financing from banks or other lending institutions. The company also sells vehicles on consignment for customers. As of April 30, 2018, it operated 138 dealerships in 11 states. America’s Car-Mart, Inc. was founded in 1981 and is headquartered in Bentonville, Arkansas.
– America’s Car-Mart Inc ($NASDAQ:CRMT)
Warren Automotive Holdings Ltd is a car dealership company. It is headquartered in Sydney, Australia. The company has a market capitalization of 481.38 million as of 2022 and a return on equity of 11.46%. The company operates a chain of car dealerships across Australia. It offers a range of new and used cars, finance, insurance, and after-sales services.
Summary
Openlane Inc has released its second quarter earnings results for FY2023, ending June 30, 2023. Revenue was reported at 416.9 million, representing an 8.5% increase from the same period last year. Net income however, was reported at a loss of 193.8 million, compared to a gain of 210.2 million in the prior year.
This suggests that investors should proceed with caution when considering Openlane Inc for potential investments, as it may not be a reliable and profitable choice. Investors may want to take the time to further research the company and its financial performance before making an investment decision.
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