Online Marketplace Cars.com is Hauling in Cash
Nine months after going public, online automative marketplace reports on earnings.
Cars.com tallied net income of $151.8 million in the fourth quarter, the Chicago-based company reported Tuesday.
The online automotive marketplace, which went public nine months ago, posted revenue of $156.6 million during the three-month period.
It reported net income of $2.11 on a per-share basis, and adjusted earnings of 48 cents a share.
For the year, the company recorded a profit of $224.4 million, or $3.13 a share, and revenue of $626.3 million.
"In the past few months, we have demonstrated substantial progress executing on our strategic growth priorities," Alex Vetter, the company's president and CEO, said in a statement. "We also acquired two market-leading technology companies that provide digital solutions to automotive dealers," he added of the privately-held Dealer Inspire and Launch Digital Marketing.
Down almost 2 percent from the start of 2018, shares were up more than 6 percent in pre-market trade.
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