Adesa parent reports higher second-quarter profit, revenue

Carmel-based KAR Auction Services Inc. on Tuesday reported higher profit and revenue in the second-quarter compared with the same time last year.

The company earned $28.6 million, or 21 cents per share, compared with $12.8 million, or 12 cents per share, in the year-ago period.

Total revenue increased 7 percent, to $470 million.

Earnings before interest, taxes, depreciation and amortization amounted to $131 million, up 14 percent from $115.1 million in the second quarter of 2009.

For the first six months of the year, KAR earned $36.7 million, or 27 cents per share, compared with $9.3 million, or 9 cents per share, in the first six months of 2009.

Revenue in the first six months grew 5 percent, to $928.4 million.

KAR is the holding company for Adesa Auction Services, the nation’s second-largest used-vehicle auction chain. It provided no explanation for the increase in profit and revenue.