DALLAS – Copart, Inc. (NASDAQ:), the global leader in online vehicle auctions, reported its financial results for the third quarter ended April 30, 2024, with stable earnings per share (EPS) and revenue growth compared to the same quarter. last year. The company reported third-quarter earnings per share of $0.39, in line with analyst consensus. Revenue for the quarter reached $1.13 billion, beating the consensus estimate of $1.11 billion and up 10.3% from the prior-year figure of $1.02 billion.
The revenue growth reflects an increase of 10.3%, representing an additional $105.4 million compared to the same period last year. Gross profit also increased by 8.7%, reaching $525.5 million, and Copart, Inc.’s net profit. increased 9.1% to $382.3 million. Fully diluted earnings per share for the quarter showed an increase of 8.3% compared to $0.36 recorded in the prior year.
The company’s results for the nine months ended April 30, 2024 also showed growth, with revenue rising to $3.17 billion, an increase of 10.3%. Gross profit for the period increased 13.6%, and net profit attributable to Copart, Inc. jumped 16.9%. Fully diluted earnings per share for the nine months showed an increase of 16.3% from $0.92 to $1.07 in the prior year.
Copart’s services revenue contributed significantly to the quarter’s success, rising 11.7% to $946.6 million. However, nine-month auto sales were down slightly by 1.6%, indicating mixed performance across streams. income.
The company’s CEO commented on the results, stating, “Our consistent performance and growth trajectory reflects the strength of Copart’s business model and our commitment to innovation and customer service. We continue to expand our global presence and enhance our online auction platforms to connect buyers and sellers efficiently.”
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While the stock market’s reaction to Copart’s financial results was not provided, solid earnings and revenue growth suggest a solid outlook for the company. Copart will host a conference call on Thursday, May 16, 2024 to discuss its quarterly results in more detail.
Investors and interested parties can access a live webcast of the call through Copart’s investor relations website, and a replay will be available until September 2024.
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