Digital vehicle marketplace OPENLANE (NYSE: OPLN) will be announcing earnings results this Tuesday before market hours. Here’s what to look for.
OPENLANE beat analysts’ revenue expectations last quarter, reporting revenues of $527.9 million, up 14.7% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.
Is OPENLANE a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting OPENLANE’s revenue to grow 10.2% year on year, improving from the 8.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. OPENLANE has a history of exceeding Wall Street’s expectations.
Looking at OPENLANE’s peers in the business services & supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MSA Safety delivered year-on-year revenue growth of 6.2%, beating analysts’ expectations by 1.2%, and HNI reported revenues up 121%, in line with consensus estimates. MSA Safety traded up 9.1% following the results while HNI was also up 5.2%.
Read our full analysis of MSA Safety’s results here and HNI’s results here.
There has been positive sentiment among investors in the business services & supplies segment, with share prices up 2.6% on average over the last month. OPENLANE is down 3.3% during the same time and is heading into earnings with an average analyst price target of $42.11 (compared to the current share price of $39.76).
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