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Copart (CPRT) Expands Location in Eight Mile, Alabama
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Copart Inc. (CPRT - Free Report) has announced another new location in Eight Mile, AL, near Mobile. The expansion marks the sixth expansion and ninth new Copart location of 2017.
This Eight Mile location expansion increases storage capacity for salvage and clean title vehicles, which are sold through weekly online auctions. Online car bidding for the Eight Mile location will be held every Monday at noon CT. The auction is accessible via computers, tablets, other mobile devices and bidding kiosks, available at each company location.
Besides holding online vehicle auctions, Copart is also a community partner. In 2016, the Tanner, Alabama location provided a safe training environment for new recruits of the Decatur, Alabama fire department. Local fire departments, law enforcement and similar government agencies are encouraged to contact the general manager of any company location to learn about conducting training at Copart.
Copart’s top-line performance has started improving after witnessing weakness for few years due to lower revenues from vehicle sales. Total revenues in the first nine months of fiscal 2017 increased 14.3%. Also in fiscal 2016, total revenues climbed 10.7% year over year to $1.27 billion, driven by a 12.1% increase in service revenues and a 2.1% rise in revenues from vehicle sales.
The company has been expanding its network of facilities to manage the rising volumes. It is also widening its base in several new markets. Apart from the U.S., it has also been focusing on expanding in the Middle East over last few years.
On the flip side, due to its existence at various international markets, the company is facing foreign currency headwinds. In third-quarter fiscal 2017 (ended Apr 30, 2017), foreign currency fluctuations led to an unfavorable effect of $7.4 million on revenues, chiefly due to weakening of the British pound.
Copart is also incurring higher selling, general and administrative (“SGA”) expenses that rose over $8 million year over year in first nine months of fiscal 2017.
Price Performance
Copart’s shares have outperformed the Zacks categorized Auction and Valuation Services industry in last three months. The stock gained 5.7% compared to industry’s increase of 2.1%.
Expected long-term growth rate for Adient, BorgWarner and Lear are 10.6%, 8.7% and 7.1%, respectively.
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Copart (CPRT) Expands Location in Eight Mile, Alabama
Copart Inc. (CPRT - Free Report) has announced another new location in Eight Mile, AL, near Mobile. The expansion marks the sixth expansion and ninth new Copart location of 2017.
This Eight Mile location expansion increases storage capacity for salvage and clean title vehicles, which are sold through weekly online auctions. Online car bidding for the Eight Mile location will be held every Monday at noon CT. The auction is accessible via computers, tablets, other mobile devices and bidding kiosks, available at each company location.
Besides holding online vehicle auctions, Copart is also a community partner. In 2016, the Tanner, Alabama location provided a safe training environment for new recruits of the Decatur, Alabama fire department. Local fire departments, law enforcement and similar government agencies are encouraged to contact the general manager of any company location to learn about conducting training at Copart.
Copart’s top-line performance has started improving after witnessing weakness for few years due to lower revenues from vehicle sales. Total revenues in the first nine months of fiscal 2017 increased 14.3%. Also in fiscal 2016, total revenues climbed 10.7% year over year to $1.27 billion, driven by a 12.1% increase in service revenues and a 2.1% rise in revenues from vehicle sales.
The company has been expanding its network of facilities to manage the rising volumes. It is also widening its base in several new markets. Apart from the U.S., it has also been focusing on expanding in the Middle East over last few years.
On the flip side, due to its existence at various international markets, the company is facing foreign currency headwinds. In third-quarter fiscal 2017 (ended Apr 30, 2017), foreign currency fluctuations led to an unfavorable effect of $7.4 million on revenues, chiefly due to weakening of the British pound.
Copart is also incurring higher selling, general and administrative (“SGA”) expenses that rose over $8 million year over year in first nine months of fiscal 2017.
Price Performance
Copart’s shares have outperformed the Zacks categorized Auction and Valuation Services industry in last three months. The stock gained 5.7% compared to industry’s increase of 2.1%.
Zacks Rank & Key Picks
Copart currently carries a Zacks Rank #3 (Hold).
Copart, Inc. Price and Consensus
Copart, Inc. Price and Consensus | Copart, Inc. Quote
Better-ranked companies in auto space include Adient PLC (ADNT - Free Report) , BorgWarner Inc. (BWA - Free Report) and Lear Corp. (LEA - Free Report) . All three hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expected long-term growth rate for Adient, BorgWarner and Lear are 10.6%, 8.7% and 7.1%, respectively.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research. It's not the one you think. See This Ticker Free >>