Copart Inc. (CPRT) shares took a hit in after-hours trading on Wednesday after the company released its fourth-quarter financial results, revealing a performance that fell short of market expectations.
The company reported earnings of 33 cents per share, missing the analyst consensus estimate by a significant 8.33%. Revenue also came in below projections, reaching $1.068 billion compared to the anticipated $1.081 billion.
Despite the disappointing quarter, Copart did see growth in some key areas. Gross profit reached $454 million, while net income landed at $323 million.
Looking at the full fiscal year ending July 31, 2024, Copart achieved positive growth across the board. Revenue climbed 9.5% to $4.2 billion, gross profit increased 9.8% to $1.9 billion, and net income saw a 10.1% rise to $1.4 billion compared to the previous year.
However, the immediate focus remains on the disappointing fourth-quarter results, which sent CPRT shares down 5.56% after-hours to $50.10 at the time of publication.
