DALLAS - Copart, Inc. (NASDAQ:CPRT) reported financial results for its fiscal first quarter ended October 31, 2024, with earnings meeting expectations and revenue surpassing analyst estimates.
The online vehicle auction company posted adjusted earnings per share of $0.37, in line with the analyst consensus. Revenue came in at $1.15 billion, beating the $1.09 billion estimate and representing a 12.4% increase from $1.02 billion in the same quarter last year.
Copart's net income attributable to the company rose 8.9% YoY to $362.1 million. Gross profit increased 10.4% to $512.1 million compared to the prior year period.
"We delivered solid top-line growth in the first quarter, driven by continued strength in our service revenues," said CEO Jay Adair. "Our global expansion and technology investments are paying off as we connect more buyers and sellers in our marketplace."
Service revenues, which make up the bulk of Copart's business, grew 14.8% YoY to $986.3 million. Vehicle sales dipped slightly by 0.2% to $160.5 million.
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