The stock of Copart (CPRT) is down 10% after the company reported financial results that missed Wall Street’s targets across the board.
The online vehicle auction company posted fiscal second quarter earnings per share (EPS) of $0.36 U.S., which missed the $0.39 U.S. consensus forecast of analysts.
The company’s profit was down 10% from the $0.40 U.S. per share reported during the same quarter a year earlier.
Revenue for the period totaled $1.12 billion U.S., which fell short of the $1.15 billion U.S. forecast on Wall Street. Sales were down 3.6% from a year earlier.
Copart’s latest operating margin of 34.7% was down from 36.6% in the same quarter a year earlier, while its free cash flow margin of 5.2% was unchanged.
Management said that operating expenses for the quarter came in at $732.9 million U.S., a slight decrease of 0.6% from the previous year.
Despite the poor results, Copart maintains a strong balance sheet with cash on hand of $5.10 billion U.S.
Prior to today (Feb. 20), CPRT stock had declined 37% over the past 12 months to trade at $37.65 U.S. per share.
