Copart Inc. (CPRT: Quote), a provider of online auctions and vehicle remarketing services, Tuesday reported an over 10 percent rise in profit for the third quarter mainly on a 3 percent growth in revenues.
Earnings for the quarter topped Street estimates by a penny, while revenues came in below expectations.
Shares of the company gained about 2.8 percent in extended session on the Nasdaq, upon the news.
Fairfield, California-based Copart reported third quarter net income of $55.5 million or $0.44 per share, compared to $50 million or $0.36 per share last year.
On average, 7 analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $244 million, up 3 percent from $236.8 million last year. Analysts expected revenues of $259.37 million.
CPRT closed Tuesday at $27.29, up $0.23 or 0.85%, on a volume of 1.8 million shares on the Nasdaq. In after hours, the stock gained 2.8%.
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by RTT Staff Writer
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