NPA parent Copart reports quarterly net income gains

Dallas-based Copart, Inc., parent company of National Powersport Auctions, today reported financial results for the quarter ended Oct. 31, 2019.

For the three months ended Oct. 31, 2019, revenue, gross profit, and net income were $554.4 million, $254.9 million, and $218.2 million, respectively. These represent an increase in revenue of $93.1 million, or 20.2 percent; an increase in gross profit of $59.0 million, or 30.1 percent; and an increase in net income of $104.1 million, or 91.2 percent, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.91 compared to $0.47 last year, an increase of 93.6 percent.

Excluding the impact of discrete income tax items, foreign currency-related gains, certain income tax benefits and payroll taxes related to accounting for stock option exercises, and the effect on common equivalent shares from ASU 2016-09, non-GAAP fully diluted earnings per share for the three months ended Oct. 31, 2019 and 2018, were $0.65 and $0.47, respectively.