Copart Inc. (NASDAQ: CPRT) reported a 22.9% increase in net income during its fiscal fourth-quarter ended July 31as the auto salvage auction company benefited from higher revenue, as total loss frequency has increased, and improved margins.
The company said net income attributable to Copart rose to $396 million, or 41 cents per share, for the quarter, compared with $322.2 million, or 33 cents per share, in the same period last year.
Revenue increased 5.2% to $1.1 billion from $1.04 billion a year earlier. Gross profit jumped 12.4% to $510 million.
For the full fiscal year, Copart reported net income of
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