OPENLANE, Inc. reported robust financial results for the third quarter ended September 30, 2024, with total operating revenues reaching $448.4 million, an increase of 7.7% compared to $416.3 million in the prior year period. Income from continuing operations significantly grew to $28.4 million, up from $12.7 million in Q3 2023, while diluted earnings per share from continuing operations were $0.12, compared to $0.01 in the same period last year.
The company's marketplace business demonstrated strong performance, achieving growth in volumes, gross profit, and adjusted EBITDA. Gross Merchandise Value for the marketplace segment increased by 12% to nearly $7 billion, reflecting positive contributions across its U.S., Canadian, and European operations. Adjusted EBITDA for the quarter stood at $75 million.
OPENLANE updated its annual guidance for 2024, projecting income from continuing operations to be between $73 million and $81 million, and Adjusted EBITDA in the range of $285 million to $295 million. Additionally, the board of directors authorized an increase of approximately $5 million to the existing share repurchase program and extended it through December 31, 2025, with approximately $100 million remaining available for repurchases.
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