Copart reports weak second-quarter revenue on vehicle sales slowdown
22/02/2024 23:16
Feb 22 (Reuters) - Online vehicle auction services
provider Copart CPRT.O missed second-quarter revenue estimates
on Thursday due to lower vehicle sales.
Shares of the Dallas, Texas-based company, which primarily
provides auction services to sell damaged and total-loss
vehicles to used car dealers and dismantlers, fell 4% after the
bell.
Revenue from its vehicle sales division, which resells cars
the company takes ownership of, was $158.40 million, down 5.1%
from the previous year.
It has fallen consistently for the third quarter in a row.
Copart posted profit per share of 33 cents, compared to 30
cents a year ago.
Its second-quarter revenue of $1.02 billion was below
analysts' expectations of $1.03 billion, according to LSEG data.
(Reporting by Raechel Thankam Job and Aishwarya Jain in
Bengaluru; Editing by Alan Barona)
((RaechelThankam.Job@thomsonreuters.com;
Aishwarya.jain@thomsonreuters.com))