Copart, Inc. reported robust financial results for the first quarter ended October 31, 2024, with total revenue reaching $1.15 billion, marking a 12.4% increase from the same period last year. This revenue figure surpassed analyst estimates by $46.9 million, driven by strong salvage vehicle volumes.
The company's gross profit for the quarter increased by 10.4% to $512.1 million, while net income attributable to Copart, Inc. rose by 8.9% to $362.1 million. Diluted earnings per share (EPS) for the quarter were $0.37, an 8.8% increase compared to $0.34 in the prior year.
International service revenue surged by 30%, and international gross profit increased by 44%, highlighting the company's successful global expansion efforts. Despite facing challenges with decreased gross margins and rising costs, Copart demonstrated resilience in average selling prices, outperforming broader used vehicle market trends.
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