Copart, Inc. (CPRT - Free Report) reported fourth-quarter fiscal 2020 (ended Jul 31, 2020) adjusted earnings per share of 69 cents, which surpassed the Zacks Consensus Estimate of 39 cents. Higher-than-expected service revenues and vehicle sales led to the outperformance. The bottom line also increased around 8% year over year. Lower year-over-year operating expenses resulted in the improved profits.
Total revenues came in at $525.7 million, topping the Zacks Consensus Estimate of $420 million. However, the top line declined 3.1% year over year.Service revenues came in at $457.7 million, down from $470.4 million recorded in the year-ago quarter. However, the metric beat the consensus mark of $353 million. Service revenues accounted for 87% of total revenues. Vehicle sales totaled $68 million for the quarter, declining from the year-ago level of $72.1 million but surpassing the consensus estimate of $46.19 million.
Gross profit was up 3.2% year over year to $250.4 million. Total operating expenses declined 8.5% year over year to $320 million. Notably, general and administrative expenses were down 12.9% from the prior-year quarter to $34.6 million. Resultantly, operating income increased to $205.7 million from $192.8 million reported in the previous year. Net income came in at $165.5 million compared with the year-ago figure of $153.5 million.
The online auto auction leaderhad cash and cash equivalents of $477.7 million as of Jul 31, 2020 compared with $186.3 million on Jul 31, 2019. Long-term debt and financial lease obligations were $397 million, down from $400.1 million as of Jul 31, 2019.
Copart — whose peers include KAR Auctions Services Inc. (KAR - Free Report) , Insurance Auto Auctions aka IAA, Inc. 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.
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Copart, Inc. (CPRT - Free Report) reported fourth-quarter fiscal 2020 (ended Jul 31, 2020) adjusted earnings per share of 69 cents, which surpassed the Zacks Consensus Estimate of 39 cents. Higher-than-expected service revenues and vehicle sales led to the outperformance. The bottom line also increased around 8% year over year. Lower year-over-year operating expenses resulted in the improved profits.
Total revenues came in at $525.7 million, topping the Zacks Consensus Estimate of $420 million. However, the top line declined 3.1% year over year.Service revenues came in at $457.7 million, down from $470.4 million recorded in the year-ago quarter. However, the metric beat the consensus mark of $353 million. Service revenues accounted for 87% of total revenues. Vehicle sales totaled $68 million for the quarter, declining from the year-ago level of $72.1 million but surpassing the consensus estimate of $46.19 million.
Gross profit was up 3.2% year over year to $250.4 million. Total operating expenses declined 8.5% year over year to $320 million. Notably, general and administrative expenses were down 12.9% from the prior-year quarter to $34.6 million. Resultantly, operating income increased to $205.7 million from $192.8 million reported in the previous year. Net income came in at $165.5 million compared with the year-ago figure of $153.5 million.
The online auto auction leaderhad cash and cash equivalents of $477.7 million as of Jul 31, 2020 compared with $186.3 million on Jul 31, 2019. Long-term debt and financial lease obligations were $397 million, down from $400.1 million as of Jul 31, 2019.
Copart — whose peers include KAR Auctions Services Inc. (KAR - Free Report) , Insurance Auto Auctions aka IAA, Inc. 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.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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