Copart’s Stock Falls 10% As Quarterly Results Miss Targets
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Copart's stock (CPRT) fell 10% after reporting fiscal Q2 earnings per share of $0.36, missing the $0.39 forecast. Revenue was $1.12 billion, below the $1.15 billion estimate, and down 3.6% year-over-year. Operating margin decreased to 34.7% from 36.6% a year earlier. Despite these results, Copart has a strong balance sheet with $5.10 billion in cash. Over the past year, CPRT stock has declined 37%, trading at $37.65 per share before this drop.
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