) has announced the acquisition of WOM Wreck Online Marketing
Aktiengesellschaft. Based in Ettlingen, Germany, WOM provides
auction platforms for both buyers and sellers of salvage vehicles
in Europe and primarily serves the insurance markets in Germany.
The acquisition of WOM will expand the company's footprint in
Germany and will support its expansion strategy in Europe. The
company plans to enhance the WOM platform as well as provide
added service to its existing customers in other parts of the
Recently, Copart acquired Sao Paulo, Brazil-based Central de
Leiloes LTDA. Central is a salvage vehicle auction company, which
serves many of the leading automobile insurance companies in
Brazil. The acquisition will expand Copart's presence in South
America. The company plans to improve the services available in
Brazil and make it at par with the services available in the
U.S., Canada, U.K and UAE.
Copart, recorded a 20.7% growth in its earnings to 35 cents per
share in fiscal fourth quarter ended July 31, 2012, from 29 cents
per share in the corresponding quarter last year. The results
surpassed the Zacks Consensus Estimate by a couple of cents.
Profit escalated 10.8% to $44.9 million from $40.5 million in the
Total revenue increased 5.2% year over year to $226.6 million in
the quarter, beating the Zacks Consensus Estimate of $219
million. The year-over-year growth was attributable to increased
unit volume sales in North America. However, volume sales in the
U.K. remained flat due to the challenging economic condition in
Copart is the provider of online auctions and vehicle remarketing
services in the U.S., Canada, U.K. and U.A.E. The company
provides a wide range of remarketing services to vehicle
suppliers, primarily insurance companies, to process and sell
salvage vehicles, mainly over the Internet through its Virtual
Bidding Internet auction-style sales technology.
Currently, Copart retains a Zacks #2 Rank, which translates into
a short-term Buy rating.
COPART INC (CPRT): Free Stock Analysis Report
To read this article on Zacks.com click here.