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.