Copart's stock tumbles after profit miss

Shares of Copart Inc. tumbled 12% in premarket trade Wednesday, after the online vehicle auctions company reported a fiscal fourth-quarter profit that missed expectations. Net income for the quarter to July 31 rose to $109.7 million, or 45 cents a share, from $70.3 million, or 30 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 42 cent, below the FactSet consensus of 48 cents. The company said results were hurt by abnormal costs of $79.7 million incurred because of Hurricane Harvey, including temporary storage facilities, premiums for subhaulers, overtime wages, lodging for reassigned employees and equipment lease expenses. Revenue increased to $449.2 million from $378.6 million, above the FactSet consensus of $448.6 million, as service revenue growth of 16% to $391.7 million missed the FactSet consensus of $397.2 million but the vehicle sales rise of 38% to $57.6 million topped expectations of $53.0 million. The stock had soared 48.6% year to date through Tuesday, while the S&P 500 has gained 8.6%.

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