CDK Global Inc.'s net income plunged in its fiscal third quarter, though its earnings results compare against a year-earlier quarter that was lifted by the sale of its international business to a private equity firm.
CDK on Thursday reported increased net earnings from continuing operations in its fiscal third quarter, which ended March 31. CDK said continuing operations exclude the international business and the company's former digital marketing business, which it also sold.
The suburban Chicago dealership management system giant reported net earnings attributable to CDK of $66.1 million, down 92 percent from the same quarter a year earlier. But net earnings attributable to CDK of $860.9 million in the year-earlier quarter included net earnings of $815.8 million from discontinued operations, which CDK defined as the international business it sold.
Net earnings from continuing operations rose 49 percent to $70.1 million. Revenue in the quarter rose 6 percent to $459.7 million.