Copart's sales in the first quarter exceed forecasts due to strong accident vehicle volumes. $CPRT (-1.97%)
Nov 21 (Reuters) - Online vehicle auction service provider Copart (CPRT.O), opens new tabreported better-than-expected first-quarter sales on Thursday, driven by high volumes of accident vehicles.
Due to the increasing complexity of vehicles and rising labor costs, customers prefer to total their vehicles rather than repair them.
Improving the acquisition cost of vehicles sold by the company - which also offers remarketing services for the sale of damaged and totaled vehicles - has also significantly reduced Copart's costs.
Revenue at the Dallas, Texas-based company rose 12.4 percent to $1.15 billion in the first quarter, beating analysts' estimates of $1.10 billion, according to data compiled by LSEG.
Copart's net income rose to 361.2 million dollars, or 37 cents per share, in the quarter ended Oct. 31, up from 332.5 million dollars, or 34 cents per share, a year earlier.
