DALLAS – Copart, Inc. announced (NASDAQ:), the global leader in online auto auctions, announced its financial results for the third quarter ending April 30, 2024, with flat earnings per share (EPS) and an increase in revenue compared to the same quarter last year. The company reported third-quarter EPS of $0.39, which was in line with analyst consensus. Revenue for the quarter came in at $1.13 billion, beating consensus estimates of $1.11 billion, marking a 10.3% increase from the prior year's figure of $1.02 billion.
The revenue growth reflects an increase of 10.3%, equivalent to an additional $105.4 million compared to the same period last year. Gross profit also rose 8.7%, to $525.5 million, while net income attributable to Copart, Inc. grew. By 9.1%, bringing its total to $382.3 million. Fully diluted EPS for the quarter showed an increase of 8.3% from the $0.36 reported a year earlier.
The company's performance during the nine months ending April 30, 2024 also showed growth, as revenues rose to $3.17 billion, an increase of 10.3%. Gross profit for the period improved by 13.6%, and net income attributable to Copart, Inc. jumped. By 16.9%. Fully diluted EPS for the nine months showed an increase of 16.3% from $0.92 a year earlier to $1.07.
Copart's service revenue contributed significantly to the quarter's success, with an 11.7% increase to $946.6 million. However, car sales saw a slight decline of 1.6% during the nine months, indicating mixed performance across different revenue streams.
The company's CEO commented on the results, saying, “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 footprint and enhance our online auction platforms to connect buyers and consumers.” sellers effectively.”
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While the stock market response to Copart's financial results has not been provided, steady earnings and revenue growth indicate a stable outlook for the company. Copart will hold a conference call on Thursday, May 16, 2024 to discuss quarterly results in more detail.
Investors and stakeholders can access a live webcast of the call through Copart's Investor Relations website, with rebroadcast available through September 2024.
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