Turners Auctions lifts forecast for full-year profit

Turners Auctions, the largest single seller of motor vehicles in the country, raised its full-year profit forecast, saying a pick-up in volumes and cost control had yielded a better than expected third quarter.

Shares of Turners climbed 2.5% to $1.23 and have surged 64% in the past three months. The company now predicts annual profit will be in the range of $3.1 million to $3.3 million, up from its August guidance of $2.6 million to $2.8 million.

“Third-quarter trading has been significantly better than expected, with volumes across all segments of the business surpassing expectations,” said chief executive Graham Roberts. Higher revenue and “tight” cost control “delivered a third quarter result above our expectations.”

Turners is scheduled to announce its full-year profit on February 19, next year. The company had been cutting spending on advertising and imported vehicles in response to the economic downturn. 

Businesswire.co.nz

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