Investing.com - Auto1 Group SE (ETR:AG1G) investors had plenty of reasons to rejoice on Wednesday. Following the release of their quarterly figures, shares of the online used-car retailer soared 17%, marking the highest price in almost a year. Most recently, the stock changed hands at €7.88, up 16.58%. Year-to-date gains now stand at 23.5%.
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Investors were particularly excited by the raised full-year earnings forecast. Auto1 now expects an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) between €45M and €65M. Previously, the company projected an operating profit range of €20M to €40M.
Auto1 also increased its full-year sales target to 620,000 to 665,000 units sold. This includes 550,000 to 595,000 units in the Merchant segment and around 70,000 units in the Retail segment.
In the second quarter, Auto1 experienced an unexpectedly strong revenue increase of 13% to €1.52B. A total of 166,292 vehicles were sold, representing a 17% increase compared to the previous year. Operating profit amounted to €20.7M, exceeding the average expectations of the stock market.
Christian Bertermann, CEO and co-founder of the Auto1 Group, commented on the figures: "The second quarter was very successful thanks to the increased demand for our products. We look forward to maintaining our momentum in the second half of the year and continuing to deliver exceptional customer experiences with our team."
Analysts praised the company's business development. Mirko Richter, an analyst at Investing.com, commented: "Auto1 has shown with these figures that it can further expand its market position. Strong demand and efficient operations have contributed to this strong result."
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