Cars.com Inc. (CARS), a leading automotive technology company, reported strong financial results for the third quarter of 2024, driven by continued growth across its product portfolio and disciplined execution.

Revenue for the quarter rose 3.1% year-over-year to $179.7 million, fueled by a 17% increase in OEM and National revenue, reflecting robust demand from manufacturers seeking to boost consumer awareness of on-lot inventory. Dealer revenue also grew modestly, up 2% year-over-year, driven by strength in the company's D2C Media and digital experience offerings, partially offset by macroeconomic headwinds impacting dealer profitability.

On the bottom line, Cars.com delivered adjusted EBITDA of $51.1 million, up 3.3% from the prior year, representing an adjusted EBITDA margin of 28.5%. Adjusted net income for the quarter stood at $27.7 million, or $0.41 per diluted share, compared to $27.3 million, or $0.40 per diluted share, in the same period last year.