Copart Q3 Shows Mixed Results

By Staff Writer November 18, 2022
Hurricane Ian negatively impacted Coparts operating results.  Hurricane Ian negatively impacted Coparts operating results.

Copart Inc. reported rising revenues and decreasing net income for the quarter ended Oct. 31.

For the three months ended Oct. 31, revenue, gross profit, and net income were $893.4 million, $369.5 million, and $245.8 million, respectively. These represent an increase in revenue of $83.2 million, or 10.3%; a decrease in gross profit of $15.5 million, or 4.0%; and a decrease in net income of $14.5 million, or 5.6%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.51 compared to $0.54 last year, a decrease of 5.6%.

Hurricane Ian adversely impacted the operating results for the three months ended Oct. 31 resulting in additional costs of approximately $25 million. These costs included premiums for subhaulers, labor costs incurred from overtime, and travel and lodging due to the reassignment of employees to the affected region.

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Last modified on Friday, 18 November 2022 16:59