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Copart rises as 4Q results top Wall Street's view

DALLAS (AP) -- Shares of automobile auctioneer Copart climbed to an all-time high on Wednesday after a strong fourth quarter that topped Wall Street expectations.

Copart, which auctions off damaged and recovered stolen vehicles, reported late Tuesday that it earned $44.9 million, or 35 cents per share, for the three months ended July 31. That's up 11 percent from $40.5 million, or 29 cents per share, from the prior-year period.

Revenue climbed 5 percent to $226.6 million from $215.4 million, with an increase in service revenue offsetting a decline in vehicle sales.

Analysts surveyed by FactSet expected earnings of 33 cents per share on revenue of $220.3 million.

Copart's stock added 93 cents, or 3.4 percent, to $28.33 in midday trading. The stock hit an all-time high of $28.98 earlier in the session.

For the full year, Copart Inc. earned $182.1 million, or $1.39 per share. In the previous year it earned $166.4 million, or $1.08 per share.

Annual revenue rose 6 percent to $924.2 million from $872.2 million.

Copart has 156 facilities in the U.S., Canada, U.K. and United Arab Emirates.