04/03/2010
car dismantler auctioneer increases profits
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Car Dismantlers auctioneer Copart Inc. said Tuesday after the markets closed that its second quarter profit rose 32% from last year, helped by higher revenue and improved margins. The Fairfield, California-based company reported net income for the second quarter of $35.7 million or $0.42 per share, compared to $27.2 million or $0.32 per share for the year-ago quarter. During the latest quarter, the company recognized the benefit from a favorable tax ruling in the United Kingdom which reduced income tax expense by about $2.6 million. The benefit increased earnings per share for the quarter by $0.03. The latest quarter results include legal, integration and severance costs associated with the D Hales acquisition of about $1 million, which reduced earnings per share for the quarter by $0.01, the company noted. On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the second quarter.
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