>>> Copart (CPRT) -- Speaking of old cars, Copart (NASDAQ:CPRT) also stands to benefit from the trend of aging automobiles. The company runs an online auction and remarketing service for used and salvaged vehicles. By all accounts, business is booming. Copart has reported fiscal Q3 financial results that beat the consensus forecasts of Wall Street analysts. The company announced EPS of 39 cents, narrowly beating estimates of 38 cents. Revenue in the quarter totaled $1.13 billion, slightly ahead of analyst estimates of $1.11 billion. Overall sales were up 10% from a year earlier.
Each business segment at Copart saw growth in the quarter, with U.S. insurance volumes rising 6.8% year-over-year (YOY), non-insurance business increasing 23% and dealer sales volumes gaining 18%. The company reported having $4.3 billion of cash on hand as of March 31. On an earnings call, management singled out elevated prices for new vehicles as a tailwind for their business.
CPRT stock is up 14% this year and has risen 205% over the last five years.
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