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Iaa Inc Down 6.18% To $36.01 After Earnings Beat

Tuesday, August 09, 2022 01:22 PM | InvestorsObserver Analysts

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Iaa Inc Down 6.18% To $36.01 After Earnings Beat

IAA Inc (IAA) surpassed earnings projections on 8/9/2022 for Q2 2022.

The consensus among analysts for Iaa Inc was for an earnings per share (EPS) of $0.57. The firm was able to surpass those projections, reporting an EPS of $0.62, a positive surprise of $0.05 (9%). Profits fell 10% year-over-year after reporting an EPS of $0.69 in its year-ago quarter. The negative growth rate signals that the Industrials company isn't performing well amid current economic conditions.

Revenues were downbeat at $520.3 million. That is an increase of 16.90% in revenues from the year-ago report and is 1.73% lower than consensus estimates set at $529.5 million.

The stock is down 6.18% to $36.01 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 41. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

IAA Inc provides auction solutions for total loss, damaged and low-value vehicles. It facilitates the selling and purchasing of vehicles from a variety of resources, including insurance carriers, used-vehicle dealers, rental car and fleet lease companies, dealerships and more. The Company operates in two reportable segments: United States and International out of which the United States derives majority revenue.

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