Online vehicle auction services provider Copart marginally beat third-quarter revenue estimates on Thursday as vehicle sales increased.
The Dallas-based company, which primarily provides services to sell damaged and total-loss vehicles to used-car dealers and dismantlers, has benefited from robust volumes of salvage vehicles.
Copart reported total revenue of USD 1.13 billion in the third quarter, compared with analysts’ estimates of USD 1.11 billion, according to LSEG data.
Revenue from the company’s vehicle sales division rose 3.5% to USD 180.6 million.
Copart’s net income rose to USD 382.1 million, or 39 cents per share, in the third quarter, from USD 350.4 million, or 36 cents per share, a year earlier.
