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CAMBRIDGE, Mass. (AP) — CAMBRIDGE, Mass. (AP) — CarGurus Inc. (CARG) on Tuesday reported first-quarter net income of $16.1 million, after reporting a loss in the same period a year earlier.
The Cambridge, Massachusetts-based company said it had net income of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 26 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The online auto shopping platform posted revenue of $232 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $207.1 million.
For the current quarter ending in June, CarGurus expects its per-share earnings to range from 22 cents to 25 cents.
The company said it expects revenue in the range of $220 million to $240 million for the fiscal second quarter.
CarGurus shares have climbed 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $16.37, a decline of 45% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CARG">Zacks stock report on CARG at https://www.zacks.com/ap/CARG