Copart Takes Hit from Hurricane Costs Featured

By Staff Writer February 25, 2019 473

Copart Inc. reported higher returns in the fourth quarter.

The salvage auction chain saw revenue rise to $484.9 million; gross profit rose to $208.2 million; and net income rose to $131.4 million

The operating results for the quarter were adversely affected by abnormal costs of $36.5 million, incurred as a result of Hurricane Harvey. These costs included temporary storage facilities; premiums for subhaulers; labor costs incurred from overtime; travel and lodging due to the reassignment of employees to the affected region; and equipment lease expenses to handle the increased volume, as well as cost of vehicle sales.

Rate this item
(0 votes)
Last modified on Monday, 25 February 2019 04:17