Why Copart, Inc. Stock Popped Today

Shares of Copart Inc. (NASDAQ: CPRT) were up 10.5% as of 1:30 p.m. EST Wednesday after the online vehicle auction services specialist announced stronger-than-expected fiscal first-quarter results.

More specifically, Copart's quarterly revenue climbed 21% year over year to $419.2 million, which translated to adjusted (non-GAAP) earnings of $77.1 million, or $0.33 per diluted share. Copart doesn't provide specific quarterly financial guidance, but both the top and bottom lines were well ahead of investors' expectations for earnings of $0.27 per share on revenue of $377.4 million.

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Source: Fool.com