Copart, Inc. (NASDAQ: CPRT) was out with quarterly figures before Wednesday’s opening bell.
The Dallas-based Copart reported that, for the three months ended July 31, 2018, revenue came in at $449.2 million, while gross profit registered $188.4 million, and net income $109.7 million.
These represent an increase in revenue of $70.6 million, or 18.7%; an increase in gross profit of $21.0 million, or 12.5%; and an increase in net income of $39.4 million, or 56.0%, from the same quarter last year.
Fully diluted earnings per share for the three months were $0.45 compared to $0.30 last year, an increase of 50.0%.
For the year ended July 31, 2018, revenue stood at $1.8 billion, gross profit at $762.4 million, and net income at $417.9 million.
Copart says the operating results were adversely affected by abnormal costs of $79.7 million incurred as a result of Hurricane Harvey. These costs included temporary storage facilities; premiums for subhaulers; labor costs incurred from overtime; travel and lodging due to the reassignment of employees to the affected region; and equipment lease expenses to handle the increased volume, as well as cost of vehicle sales.
Copart, founded in 1982, claims to be a global leader in online vehicle auctions. Copart’s innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries.
Copart offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters, and in some cases, to end users.
Shares retreated $11.27, or 17.6%, to $52.90
