Auction services firm Copart tops Q1 estimates
16/11/2023 22:29
Nov 16 (Reuters) - Online vehicle auction services
provider Copart CPRT.O beat market expectations for
first-quarter revenue and profit on Thursday, helped by higher
revenue from its services business.
The Texas-based company provides virtual bidding services to
customers across Americas, Europe, the UK and the Middle East.
Its primary customers include vehicle dismantlers, rebuilders,
repair licensees and used vehicle dealers.
Revenue from the company's services segment, which consists
of vehicle listing, bidding, transportation and storage fees,
rose 18.3% to $859.54 million in the quarter through Oct. 31.
"Copart continues to grow its service business nicely,
supported by underlying insurance industry growth and revenue
growth," Stephens analyst Daniel Imbro said.
The company posted quarterly revenue of $1.02 billion,
compared with analysts' average estimate of $990.7 million,
according to LSEG data.
It reported profit of 34 cents per share, versus analysts'
expectations of 33 cents per share.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Shilpi
Majumdar)
((Abhinav.Parmar@thomsonreuters.com;))