Copart's first-quarter revenue beats estimates on strong salvage vehicle volumes
21/11/2024 22:57
Nov 21 (Reuters) - Online vehicle auction services
provider Copart CPRT.O reported better-than-expected
first-quarter revenue on Thursday, driven by robust volumes of
salvage vehicles.
Increasing vehicle complexity and rising labor costs have
led customers to favor totaling vehicles over repairing them.
Improving acquisition costs for the vehicles sold by the
company, which also offers remarketing services for selling
damaged and total-loss vehicles, have also significantly driven
down Copart's expenses.
The Dallas, Texas-based company's first-quarter revenue rose
12.4% to $1.15 billion, skidding past analysts' estimates of
$1.10 billion according to data compiled by LSEG.
Copart's net income rose to $361.2 million, or 37 cents per
share for the quarter ended October 31, from $332.5 million, or
34 cents per share a year earlier.
(Reporting by Raechel Thankam Job; Editing by Mohammed Safi
Shamsi)
((RaechelThankam.Job@thomsonreuters.com;))