Here's What Drove IAA Stock 10% Higher Tuesday
Shares of IAA (NYSE: IAA), an auction marketplace to buy or sell damaged and low-value vehicles, jumped over 10% Tuesday after the company reported stronger than expected third-quarter results.
Third-quarter revenue increased 11.3% to $357.3 million, compared with the prior year, which easily topped analysts' estimates calling for $347.3 million. The top-line improvement was driven by a combination of 4.8% higher volumes and a 5% increase in revenue per vehicle. Adjusted earnings per share checked in at $0.35, a 7.2% increase from the prior year and better than analysts' estimates calling for $0.33 per share.
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Source Fool.com
