DALLAS – Copart, Inc. (NASDAQ:), a global leader in online vehicle auctions, reported its financial results for the third quarter ended April 30, 2024, with steady earnings per share (EPS) and a revenue increase compared to the same quarter last year. The company announced a third-quarter EPS of $0.39, which aligned with the analyst consensus. Revenue for the quarter reached $1.13 billion, surpassing the consensus estimate of $1.11 billion and marking a 10.3% increase from the previous year’s figure of $1.02 billion.
The revenue growth reflects a 10.3% increase, amounting to an additional $105.4 million compared to the same period last year. Gross profit also saw an 8.7% rise, reaching $525.5 million, while net income attributable to Copart, Inc. grew by 9.1%, totaling $382.3 million. The fully diluted EPS for the quarter showed an 8.3% increase from the $0.36 reported in the previous year.
The company’s performance over the nine months ended April 30, 2024, also exhibited growth, with revenue climbing to $3.17 billion, a 10.3% increase. Gross profit for this period improved by 13.6%, and net income attributable to Copart, Inc. jumped by 16.9%. The fully diluted EPS for the nine months demonstrated a 16.3% upsurge from the prior year’s $0.92 to $1.07.
Copart’s service revenues contributed significantly to the quarter’s success, with an 11.7% increase to $946.6 million. However, vehicle sales experienced a slight decrease of 1.6% over the nine months, indicating a mixed performance in different revenue streams.
The company’s CEO commented on the results, stating, “Our consistent performance and growth trajectory reflect the strength of Copart’s business model and our commitment to innovation and customer service. We continue to expand our global footprint and enhance our online auction platforms to connect buyers and sellers effectively.”
While the stock market response to Copart’s financial results was not provided, the steady earnings and revenue growth suggest a stable outlook for the company. Copart will conduct a conference call on Thursday, May 16, 2024, to discuss the quarterly results in more detail.
Investors and stakeholders can access the live webcast of the call through Copart’s investor relations website, with a replay available through September 2024.
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