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Copart's (CPRT) Q2 Earnings Top, Sales Lag Estimates, Up Y/Y
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Copart, Inc. (CPRT - Free Report) reported second-quarter fiscal 2021 (ended Jan 31, 2021) adjusted earnings per share of 80 cents, marginally surpassing the Zacks Consensus Estimate of 79 cents. The bottom line also increased 25% year over year from the 64 cents reported in the prior-year quarter.
Total revenues came in at $617 million, missing the Zacks Consensus Estimate of $631 million. Moreover, the top line increased from the year-ago reported figure of $575.1 million.
For the fiscal second quarter, service revenues came in at $532.6 million, up from the $510 million recorded in the year-earlier period. Service revenues accounted for 86.3% of the total revenues. Vehicle sales summed $84.4 million for the quarter, up from the prior-year level of $65.1 million.
Gross profit was up 18.3% year over year to $307.5 million. Total operating expenses edged down 1.8% year on year to $358.8 million. Notably, general and administrative expenses were down 8.2% from the prior-year quarter to $36 million. Resultantly, operating income increased to $258.2 million from the year-earlier period’s $209.9 million. Net income came in at $193.4 million compared with the year-ago figure of $168.7 million.
Financial Position
The online auto auction leader had cash and cash equivalents of $616.4 million as of Jan 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $402.7 million as of Jan 31, 2021, up from $397 million as of Jul 31, 2020.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Copart's (CPRT) Q2 Earnings Top, Sales Lag Estimates, Up Y/Y
Copart, Inc. (CPRT - Free Report) reported second-quarter fiscal 2021 (ended Jan 31, 2021) adjusted earnings per share of 80 cents, marginally surpassing the Zacks Consensus Estimate of 79 cents. The bottom line also increased 25% year over year from the 64 cents reported in the prior-year quarter.
Total revenues came in at $617 million, missing the Zacks Consensus Estimate of $631 million. Moreover, the top line increased from the year-ago reported figure of $575.1 million.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. price-consensus-eps-surprise-chart | Copart, Inc. Quote
For the fiscal second quarter, service revenues came in at $532.6 million, up from the $510 million recorded in the year-earlier period. Service revenues accounted for 86.3% of the total revenues. Vehicle sales summed $84.4 million for the quarter, up from the prior-year level of $65.1 million.
Gross profit was up 18.3% year over year to $307.5 million. Total operating expenses edged down 1.8% year on year to $358.8 million. Notably, general and administrative expenses were down 8.2% from the prior-year quarter to $36 million. Resultantly, operating income increased to $258.2 million from the year-earlier period’s $209.9 million. Net income came in at $193.4 million compared with the year-ago figure of $168.7 million.
Financial Position
The online auto auction leader had cash and cash equivalents of $616.4 million as of Jan 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $402.7 million as of Jan 31, 2021, up from $397 million as of Jul 31, 2020.
Copart — peers of which include Byd Co., Ltd (BYDDY - Free Report) , Liquidity Services, Inc. (LQDT - Free Report) and Ritchie Bros Auctioneers Incorporated (RBA - Free Report) — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>