Insurance Auto Posts Gains in Profit

Insurance Auto Auctions Inc., which sells salvaged autos, reported higher earnings and revenue in its latest fourth quarter and for the year.

In the three months that ended Dec. 31, Insurance Auto had net income of $1.69 million, a 26% increase from a $1.33-million profit a year earlier. Its revenue rose 62%, to $27.9 million from $17.2 million.

For the year, the company earned $6.62 million, a 51% gain from its $4.38 million in net income in 1992. Its 1993 revenue totaled $104.1 million, up 72% from $60.5 million in revenue in the previous year.