By Dean Seal
Copart logged higher earnings in its fiscal first quarter as service revenue pushed the top line higher than analysts expected.
The platform for online car auctions posted a profit of $362.1 million for the quarter ended Oct. 31, compared with $332.5 million in the same quarter a year ago.
Earnings were 37 cents a share, in line with the consensus estimate of analysts polled by FactSet.
Revenue jumped 12% to $1.15 billion, about $50 million higher than analysts had expected, according to FactSet.
Vehicle sales were about flat year-over-year, but service revenue, which makes up most of its top line, was up 15%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 21, 2024 16:43 ET (21:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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