Shares of online vehicle auction company Copart (CPRT - Get Report) surged more than 8% on Thursday after the company reported fiscal third-quarter earnings and sales that far exceeded analysts' forecasts.
Shares of Copart were up 8.2%, or $5.28, at $70.08 in trading on the New York Stock Exchange after the Dallas-based company said it earned $192.7 million, or 81 cents a share, vs. $127.4 million, or 52 cents a share, in the comparable year-earlier quarter.
Analysts polled by FactSet had been expecting earnings of 62 cents a share. Sales came in at $553.1 million vs. analysts' estimates of $537.8 million.
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For the nine months ended April 30, net income was $438.2 million, or $1.82 a share, compared to $308.3 million, or $1.28 a share, a year earlier.
Copart's online vehicle auction platform links sellers to more than 750,000 members in over 170 countries.