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Copart, Inc. (CPRT - Free Report) reported adjusted earnings per share of 52 cents in third-quarter fiscal 2018 (ended Apr 30, 2018), beating the Zacks Consensus Estimate of 48 cents. The bottom line improved 36.8% from 38 cents recorded in the year-ago quarter.
Net income was $127.3 million, reflecting a surge of 40.6% or $36.8 million from third-quarter fiscal 2017.
Copart’s revenues rose 27.9% to $478.2 million from the year-ago quarter and surpassed the Zacks Consensus Estimate of $435 million. Service revenues went up 24% year over year to $410.8 million while revenues from vehicle sales gained 62% to $67.4 million in comparison with the prior-year quarter.
Gross profit improved 27% to $219.1 million from $173 million a year ago. Total operating expenses increased to $303.6 million from $237 million recorded in the prior-year period.
Operating income increased to $174.6 million from $136.8 million a year ago.
Financial Details
Copart had cash and cash equivalents of $204.3 million as of Apr 30, 2018, compared with $210 million as of Jul 31, 2017. Long-term debt, revolving loan facility and capital lease obligations were $399 million as of Apr 30, 2018, which recorded a decline from $550.8 million as of Jul 31, 2017.
In third-quarter fiscal 2018, Copart generated net cash flow of $377.2 million from operations compared with $ 347.8 million a year ago.
Zacks Rank & Stocks to Consider
Copart currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Daimler AG , Ferrari N.V. (RACE - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) . Daimler and Ferrari carry a Zacks Rank #2 (Buy) while Allison Transmission sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Daimler has an expected long-term growth rate of 5%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 0.9% upward over the last 30 days.
Ferrari has an expected long-term growth rate of 17.3%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 11.2% upward over the last 30 days.
Allison Transmission has an expected long-term growth rate of 10%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 6.8% upward over the last 30 days.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Copart's (CPRT) Q3 Earnings & Revenues Surpass Estimates
Copart, Inc. (CPRT - Free Report) reported adjusted earnings per share of 52 cents in third-quarter fiscal 2018 (ended Apr 30, 2018), beating the Zacks Consensus Estimate of 48 cents. The bottom line improved 36.8% from 38 cents recorded in the year-ago quarter.
Net income was $127.3 million, reflecting a surge of 40.6% or $36.8 million from third-quarter fiscal 2017.
Copart’s revenues rose 27.9% to $478.2 million from the year-ago quarter and surpassed the Zacks Consensus Estimate of $435 million. Service revenues went up 24% year over year to $410.8 million while revenues from vehicle sales gained 62% to $67.4 million in comparison with the prior-year quarter.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. Price, Consensus and EPS Surprise | Copart, Inc. Quote
Gross profit improved 27% to $219.1 million from $173 million a year ago. Total operating expenses increased to $303.6 million from $237 million recorded in the prior-year period.
Operating income increased to $174.6 million from $136.8 million a year ago.
Financial Details
Copart had cash and cash equivalents of $204.3 million as of Apr 30, 2018, compared with $210 million as of Jul 31, 2017. Long-term debt, revolving loan facility and capital lease obligations were $399 million as of Apr 30, 2018, which recorded a decline from $550.8 million as of Jul 31, 2017.
In third-quarter fiscal 2018, Copart generated net cash flow of $377.2 million from operations compared with $ 347.8 million a year ago.
Zacks Rank & Stocks to Consider
Copart currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the auto space are Daimler AG , Ferrari N.V. (RACE - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) . Daimler and Ferrari carry a Zacks Rank #2 (Buy) while Allison Transmission sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Daimler has an expected long-term growth rate of 5%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 0.9% upward over the last 30 days.
Ferrari has an expected long-term growth rate of 17.3%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 11.2% upward over the last 30 days.
Allison Transmission has an expected long-term growth rate of 10%. The company’s stock has seen the Zacks Consensus Estimate for annual earnings being revised 6.8% upward over the last 30 days.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>