Shares of Copart Inc. (NASDAQ: CPRT), a provider of online auctions and vehicle remarketing in the U.S., Canada and U.K., are gaining in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended July 31, 2012, CPRT reported revenue of $226.6 million, representing an increase of 5.2% over the same period in the previous year. CPRT’s operating income for the quarter was $69.5 million, representing an increase of 9.5% over the same period in the previous year. Net income for the quarter rose 10.8% to $44.9 million. The company’s earnings on a per share basis for the fourth quarter were $0.35, up from $0.29 reported for the same period in the previous year.
For the fiscal year ended July 31, 2012, CPRT reported revenue of $924.2 million, which represents an increase of 6% over the previous year. The company’s operating income for the fiscal year ended July 31, 2012 rose 7.9% to $286.4 million. Net income for the fiscal year jumped 9.5% to $182.1 million. On a per share basis, the company had earnings of $1.39 for the fiscal year ended July 31, 2012, compared to $1.08 reported for the previous year.
During the fourth quarter of fiscal 2012, CPRT repurchased 2,800,000 shares of its common stock at a weighted average price of $23.22 per share. The purchases were made under the company’s share repurchase program. As of July 31, 2012, the company 48,213,218 shares available for repurchase under this program.
CPRT shares hit a 52-week high of $28.98 in trading today as investors digested the company’s latest quarterly results. At last check, the stock was trading 2.12% higher at $27.98 on above average volume of 715,874.
Year-to-date, CPRT shares have gained nearly 17%, outperforming the S&P 500.
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