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Copart, Inc. (CPRT - Free Report) posted adjusted earnings per share (EPS) of 58 cents for second-quarter fiscal 2017 (ended Jan 31, 2016), up from 45 cents a year ago. Moreover, the EPS figure was in line with the Zacks Consensus Estimate.
Reported earnings per share increased 19.1% to 56 cents from 47 cents recorded in the year-ago quarter. Net income (on a reported basis) was $66.1 million, up 12% year over year.
Copart’s revenues increased 16.6% to $349.5 million in the reported quarter. Further, the figure outpaced the Zacks Consensus Estimate of $339 million. Service revenues went up 19.1% to $310.03 million, while revenues from vehicle sales grew 0.5% to $39.5 million.
Gross margin improved 17.8% to $146.8 million (42% of sales) in the reported quarter from $124.6 million (41.6% of sales) a year ago. Operating expenses increased to $240.7 million from $207.6 million in the year-ago quarter.
Operating income rose to $108.9 million from $92.1 million in second-quarter fiscal 2016.
Copart had cash and cash equivalents of $174.9 million as of Jan 31, 2017, compared with $155.8 million as of Jul 31, 2016. Total debt and capital lease obligations amounted to $712.1 million as of Jan 31, 2017, compared with $640.5 million as of Jul 31, 2016.
During the first half of fiscal 2017, Copart generated net cash flow of $155.5 million from operations, compared with $83.3 million a year ago. Capital spending was $92 million, compared with $77.4 million in the first half of fiscal 2016.
Price Performance
Copart outperformed the Zacks categorized Auction and Valuation Services industry over the last three months. The stock gained 10.7% over this period while the industry saw a1.8% decrease. Share price gained from geographic expansion and shares repurchases.
For the current year, Honda, Fox Factory and General Motors expect earnings growth of around 27%, 16.6% and 9.4%, respectively.
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Copart (CPRT) Q2 Earnings Meet Estimates, Increase Y/Y
Copart, Inc. (CPRT - Free Report) posted adjusted earnings per share (EPS) of 58 cents for second-quarter fiscal 2017 (ended Jan 31, 2016), up from 45 cents a year ago. Moreover, the EPS figure was in line with the Zacks Consensus Estimate.
Reported earnings per share increased 19.1% to 56 cents from 47 cents recorded in the year-ago quarter. Net income (on a reported basis) was $66.1 million, up 12% year over year.
Copart’s revenues increased 16.6% to $349.5 million in the reported quarter. Further, the figure outpaced the Zacks Consensus Estimate of $339 million. Service revenues went up 19.1% to $310.03 million, while revenues from vehicle sales grew 0.5% to $39.5 million.
Gross margin improved 17.8% to $146.8 million (42% of sales) in the reported quarter from $124.6 million (41.6% of sales) a year ago. Operating expenses increased to $240.7 million from $207.6 million in the year-ago quarter.
Operating income rose to $108.9 million from $92.1 million in second-quarter fiscal 2016.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. Price, Consensus and EPS Surprise | Copart, Inc. Quote
Financial Details
Copart had cash and cash equivalents of $174.9 million as of Jan 31, 2017, compared with $155.8 million as of Jul 31, 2016. Total debt and capital lease obligations amounted to $712.1 million as of Jan 31, 2017, compared with $640.5 million as of Jul 31, 2016.
During the first half of fiscal 2017, Copart generated net cash flow of $155.5 million from operations, compared with $83.3 million a year ago. Capital spending was $92 million, compared with $77.4 million in the first half of fiscal 2016.
Price Performance
Copart outperformed the Zacks categorized Auction and Valuation Services industry over the last three months. The stock gained 10.7% over this period while the industry saw a1.8% decrease. Share price gained from geographic expansion and shares repurchases.
Zacks Rank & Key Picks
Copart currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include Honda Motor Co., Ltd. (HMC - Free Report) , Fox Factory Holding Corp (FOXF - Free Report) and General Motors Company (GM - Free Report) . All the stocks carry a Zacks Rank #2 (Buy). You can the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For the current year, Honda, Fox Factory and General Motors expect earnings growth of around 27%, 16.6% and 9.4%, respectively.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>