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Copart’s Financial Results Narrowly Beat Wall Street Forecasts
The company, which runs an online auction and remarketing services for used and salvaged motor vehicles, reported earnings per share (EPS) of $0.39 U.S., narrowly beating estimates of $0.38 U.S. a share.
Copart’s revenue in the quarter totaled $1.13 billion U.S., which was slightly ahead of analyst estimates of $1.11 billion U.S. Sales were up 10% from a year earlier.
The company said that its U.S. insurance volumes rose 6.8% year-over-year during the quarter.
Copart’s non-insurance business grew 23%, while its and dealer sales volume increased 18%.
The company added that it had $4.3 billion U.S. of cash on hand at the end of the quarter on March 31.
On an earnings call with analysts and investors, management said the industry continues to face challenges with decreasing used vehicle prices and elevated repair costs.
The stock of Copart has increased 33% over the last 12 months to trade at $54.58 U.S. per share.
