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ACV Auctions Swings to Q3 Loss as Revenue Rises, Lifts FY21 Revenue Outlook

5:25PM ET 11/10/2021 MT Newswires
ACV Auctions (ACVA) reported a Q3 loss of $0.16 per share late Wednesday, from a profit of $0.02 per share a year earlier. Analysts estimated a loss of $0.17 a share in a Capital IQ poll.

Revenue rose to $91.8 million from $67.5 million in the year-ago quarter. Analysts expected $87.6 million.

The wholesale auto auctions operator said it is raising its full-year 2021 revenue outlook to a range of $341 million to $344 million, up $8 million at the midpoint from prior guidance. Analysts expect $338.6 million in annual revenue.

ACV's Q4 revenue outlook remains in the range of $83 million to $86 million, compared with a $84.8 million consensus compiled by Capital IQ.

Shares fell 0.7% in after-hours trade.

Price: 19.05, Change: -0.13, Percent Change: -0.68