Copart Inc. (CPRT), an online auction and vehicle re-marketing service provider, Tuesday said its first-quarter profit increased from last year, driven mainly by higher service fees.
Copart is the largest auctioneer of damaged and recovered stolen vehicles in the US. Buyers purchase these cars from Copart to mainly dismantle them and reuse parts. Copart charges both buyers and sellers to participate in the auction.
Service revenues, which makes up majority of Copart's top line, grew to $195.2 million from $182.8 million a year ago, while vehicle sales dropped to $43.7 million from $42.8 million.
Total revenues for the quarter grew to $238.9 million from $225.6 million last year. Five analysts polled by Thomson Reuters estimated revenues of $236.06 million for the quarter.
Fairfield, California-based Copart's profit for the first quarter rose to $45.85 million or $0.36 per share from $41.15 million or $0.31 per share last year.
Analysts expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
The company also purchased 500 thousand common shares at a average price of $27.77 a share under its buy back plan.
CPRT closed Tuesday's trading at $29.77, down $0.09 or 0.30% percent, on the Nasdaq.
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