Copart reports weak second-quarter revenue on vehicle sales slowdown

By Thomson Reuters Feb 22, 2024 | 5:19 PM

(Reuters) – Online vehicle auction services provider Copart missed second-quarter revenue estimates on Thursday due to lower vehicle sales.

Shares of the Dallas, Texas-based company, which primarily provides auction services to sell damaged and total-loss vehicles to used car dealers and dismantlers, fell 4% after the bell.

Revenue from its vehicle sales division, which resells cars the company takes ownership of, was $158.40 million, down 5.1% from the previous year.

It has fallen consistently for the third quarter in a row.

Copart posted profit per share of 33 cents, compared to 30 cents a year ago.

Its second-quarter revenue of $1.02 billion was below analysts’ expectations of $1.03 billion, according to LSEG data.

(Reporting by Raechel Thankam Job and Aishwarya Jain in Bengaluru; Editing by Alan Barona)