Copart 3Q Earnings Below Expectations, 64% of incremental salvage vehicles from hurricanes remain unsold in inventory

Copart reported fiscal year 3Q EPS from continuing operations of $0.36 vs. $0.33 in the prior year period, growth of 9%. The figure was well below Zack’s consensus of $0.38, and the stock is down more than 4% on the news. Salvage same-store yard sales were actually up 12% in the quarter, showing an improvement from the 9% comp in the previous quarter, despite management cautioning on their last conference call that same-store sales might ebb as new stores dilute (cannibalize) existing store revenues.

As we said in our preview Tuesd ...

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Copart
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