Copart stock was falling hard on Wednesday following the release of its earnings report for its fiscal fourth quarter of 2018.
Copart’s (NASDAQ:CPRT) earnings report for its fiscal fourth quarter of the year starts off with earnings per share of 45 cents. This is an increase over its earnings per share of 30 cents reported in the same period of the year prior. However, it was bad news for Copart stock by missing Wall Street’s earnings per share estimate of 48 cents for the quarter.
Net income reported by Copart for its fiscal fourth quarter of 2018 came in at $109.74 million. This is an improvement over the company’s net income of $70.37 million reported in its fiscal fourth quarter of 2017.
During its fiscal fourth quarter of 2018, Copart reported operating income of $134.84 million. The online automobile auction company’s operating income reported in the same time last year was $110.81 million.
Copart also reported revenue of $449.22 million for its fiscal fourth quarter of the year. This is better than the company’s revenue of $378.60 million that was reported in its fiscal fourth quarter of the previous year. This is above analysts’ revenue estimate of $444.17 million for the period, but wasn’t enough to save Copart stock today.
Results for its fiscal full year of 2018 also didn’t do Copart stock any favors today. The company reported earnings per share of $1.73 on revenue of $1.81 billion for the fiscal year. Wall Street was looking for earnings per share of $1.79 on revenue of $1.80 billion for the period.
CPRT stock was down 14% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.