Copart, Inc. (CPRT - Free Report) has announced the opening of a new 17 acre facility in Webster, New Hampshire. With this facility, the company for the first time expanded its footprint in New Hampshire, bringing its total to 157 facilities across the world.
This Webster plant will be serving the entire state of New Hampshire and will also cover the eastern portion of Vermont. Further, the plant will enhance the company’s capacity and will assist in increasing the volume production in New England. In addition, it will intensify the company’s network while reducing the insurance supplier costs.
Copart, in fiscal fourth quarter ended July 31, 2012, registered a 20.7% growth in earnings to 35 cents per share from 29 cents per share in the corresponding quarter last year. The results surpassed the Zacks Consensus Estimate by 2 cents. Profits escalated 10.8% to $44.9 million from $40.5 million in the year-ago quarter.
Total revenues increased 5.2% to $226.6 million in the quarter, beating the Zacks Consensus Estimate of $219 million. The year-over-year growth in revenues was attributable to increased unit volume sales in North America. However, volume sales in the U.K. remained flat due to the challenging economic condition in the region.
Copart is the provider of online auctions and vehicle remarketing services in the U.S., Canada, U.K. and U.A.E. The company provides a wide range of remarketing services to vehicle suppliers, primarily insurance companies, to process and sell salvage vehicles, mainly over the Internet through the company's Virtual Bidding Internet auction-style sales technology.
Currently, Copart retains a Zacks #2 Rank, which translates into a short-term Buy rating.