Used car seller Copart heads for worst day in 15 years on Hurricane Harvey costs

Shares of used car seller Copart were on pace for their worst day in more than 15 years on Wednesday after the company said its results took a hit by costs This specific incurred during Hurricane Harvey.

The company’s stock dropped 16 percent as well as was on track for its worst day since Feb. 19, 2003, when This specific plummeted 23.7 percent.

Copart said Wednesday that will hurricane costs totaled $79.7 million for the year ended on July 31. The company said these costs included temporary storage facilities, overtime pay for workers as well as premiums for subhaulers.

For the fourth quarter, earnings came in at 42 cents a share, which will be less than the consensus analyst estimate of 48 cents a share as tracked by FactSet.

Revenue for the fiscal fourth quarter was $449.2 million, slightly higher than the $448.6 million expected.

Despite Wednesday’s decline, the stock will be still up more than 26 percent in 2018. This specific has also surged 67 percent over the past 12 months.

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