Copart, Inc. (NASDAQ: CPRT), a leading online vehicle auctions company, has announced financial results for the third quarter of 2023, reporting an increase in earnings and revenues.
- In the third quarter, the company’s total revenues from service and vehicle sales increased 8.7% annually to $1.02 billion
- Services revenue moved up 10.6% annually, while vehicle sales revenue edged up 0.6%
- Net income was $350.4 million or $0.72 per share, compared to $278.6 million or $0.58 per share in the prior-year period
- Adjusted profit, excluding the impact of certain income tax benefits related to stock-based compensation, was $0.72 per share
- Operating income came in at $418.9 million in Q3 2023, up from $372.8 million reported in the same period of 2022
- At $483.4 million, third-quarter gross profit was up 10.8% year-over-year
- There was a 6.3% annual increase in total operating expenses to $602.9 million during the three-month period