Copart Inc (NASDAQ:CPRT) shares slipped on Wednesday after an earnings miss in its fiscal fourth-quarter results, due in part to the toll Hurricane Harvey took on the Texas company.
The online car auction reported earnings of US$0.45 per share on revenue of US$449.22mln compared with US$0.30 on revenue of US$378.59mln in the previous year’s fourth quarter.
Shares of Copart fell more than 16% to US$53.62 in Wednesday morning trading.
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The Dallas-based company reported adjusted earnings of US$0.42 per share, below the consensus estimate of US$0.48. Revenue topped Wall Street estimates of US$448.6mln.
Vehicle sales rose 38% to US$57.6mln, surpassing analyst estimates of US$53mln.
For the fiscal year, the company reported earnings of US$1.73 per share on revenue of US$1.8bn compared with US$1.66 per share on revenue of US$1.4bn in the previous fiscal year.
Hurricane Harvey, a Category 4 hurricane in Texas that hit the Houston metropolitan area especially hard last September, took its toll on the company’s yearly operating results.
The hurricane cost the Texas company US$79.7mln, including the costs of temporary storage facilities, overtime labor, equipment expenses and travel and lodging for reassigned employees.