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 billionServices 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 periodAdjusted profit, excluding the impact of certain income tax benefits related to stock-based compensation, was $0.72 per shareOperating income came in at $418.9 million in Q3 2023, up from $372.8 million reported in the same period of 2022At $483.4 million, third-quarter gross profit was up 10.8% year-over-yearThere was a 6.3% annual increase in total operating expenses to $602.9 million during the three-month period