Anyone else looking at Copart after earnings?
Revenue was up a bit to around $1.15bn but profits were weaker. Net income was down 17% and EPS came in at $0.35 vs $0.41 last year.
They also announced the $1.9bn ACV Auctions acquisition. ACV is in the online vehicle auction space too, although its more focused on dealer to dealer used cars while Copart is mainly salvage. So not a direct competitor exactly, but definitely an adjacent business.
Stock was down 4% in regular trading then jumped around 8% after hours.
CPRT has been getting hammered for a while now. Wondering if this could be the start of a turnaround or if its just a short term reaction to the deal.
Anyone holding or following it? What do you make of the ACV acquisition?