Copart carries higher on strong sales, cost mitigation
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Copart (NASDAQ:CPRT) shares are rising on Thursday after posting a strong earnings beat on Wednesday evening.

For its fiscal third quarter, the Dallas-based online auto auction company reported non-GAAP EPS of $1.17, edging estimates by three cents, while a 28.1% jump in revenue from the prior year to $939.94 million cruised past expectations by $76.98 million. 

The companyâs release notes that a significant rise in the cost of vehicles was offset by stronger sales and soaring service revenues. Gross profits for the nine months ended on April 30 increased 24.3% despite an over 80% increase in the cost of vehicles, reflecting the companyâs strong execution and cost mitigation strategies.

Shares rose over 5% in pre-market trading on the results.

A conference call on the results is expected for 11 a.m. ET on Thursday, wherein management will elaborate on the quarterly results and the road ahead.
Read more on JP Morgan forecasts for used auto sales.