Copart reports weak second-quarter revenue on vehicle sales slowdown
Feb 22 (Reuters) - Online vehicle auction services provider Copart missed second-quarter revenue estimates on Thursday due to lower vehicle sales.
Shares of the Dallas, Texas-based company, which primarily provides auction services to sell damaged and total-loss vehicles to used car dealers and dismantlers, fell 4% after the bell.
Revenue from its vehicle sales division, which resells cars the company takes ownership of, was $158.40 million, down 5.1% from the previous year.
It has fallen consistently for the third quarter in a row.
Copart posted profit per share of 33 cents, compared to 30 cents a year ago.
Its second-quarter revenue of $1.02 billion was below analysts' expectations of $1.03 billion, according to LSEG data. (Reporting by Raechel Thankam Job and Aishwarya Jain in Bengaluru; Editing by Alan Barona)
