Copart's third-quarter revenue beats as vehicle sales rise
16/05/2024 23:19
May 16 (Reuters) - Online vehicle auction services
provider Copart CPRT.O marginally beat third-quarter revenue
estimates on Thursday as vehicle sales increased.
The Dallas-based company, which primarily provides services
to sell damaged and total-loss vehicles to used-car dealers and
dismantlers, has benefited from robust volumes of salvage
vehicles.
Copart reported total revenue of $1.13 billion in the third
quarter, compared with analysts' estimates of $1.11 billion,
according to LSEG data.
Revenue from the company's vehicle sales division rose 3.5%
to $180.6 million.
Copart's net income rose to $382.1 million, or 39 cents per
share, in the third quarter, from $350.4 million, or 36 cents
per share, a year earlier.
(Reporting by Raechel Thankam Job; Editing by Mohammed Safi
Shamsi)
((RaechelThankam.Job@thomsonreuters.com))