(Reuters) -Online vehicle auction company Copart reported first-quarter revenue below Wall Street estimates on Thursday, hurt by weak demand and falling vehicle values for used cars. Shares of the company, which provides auction services for damaged and total-loss vehicles to used-car dealers and dismantlers, fell 1.8% in extended trading. Revenue from its services segment rose […]
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Copart misses revenue estimates on weak demand for used cars
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(Reuters) -Online vehicle auction company Copart reported first-quarter revenue below Wall Street estimates on Thursday, hurt by weak demand and falling vehicle values for used cars.
Shares of the company, which provides auction services for damaged and total-loss vehicles to used-car dealers and dismantlers, fell 1.8% in extended trading.
Revenue from its services segment rose 0.6% to $991.8 million from a year ago, while that from vehicle sales rose 1.7% to about $163.2 million.
The company reported first-quarter revenue of $1.16 billion, below expectations of $1.17 billion, according to data compiled by LSEG.
It earned 41 cents per share, beating estimates of 39 cents.
(Reporting by Apratim Sarkar and Parth Chandna)