Copart Inc. shares tumbled 11.1% in after-hours trading Thursday following disappointing second-quarter fiscal results. The online vehicle auction leader reported earnings per share of $0.36, falling short of the $0.39 consensus estimate and marking a 10% decline from the prior year's $0.40 per share.

The company's revenue of $1.12 billion also missed expectations, coming in below the $1.15 billion forecast. This represents a 3.6% decrease in total service revenues and vehicle sales compared to the same period last year. Net income attributable to Copart fell to $350.7 million, a 9.5% drop from last year's $387.4 million, while gross profit contracted 6.2% to $492.8 million.

Despite the narrower top line, general and administrative costs rose 3.2% to $89.4 million. The company's balance sheet remains strong with cash and equivalents surging to $5.1 billion as of late January. Investors will likely seek clarity on shifting volume trends in both the United States and international segments during the upcoming conference call.