Copart, Inc. (CPRT - Free Report) reported fourth-quarter fiscal 2021 (ended Jul 31, 2021) adjusted earnings per share of $1.03, surpassing the Zacks Consensus Estimate of 89 cents. Higher-than-expected revenues from both the company’s segments led to this outperformance. The bottom line also surged 51.5% year over year from 68 cents reported in the prior-year quarter.
The online auto auction leader generated revenues of $748.6 million, beating the Zacks Consensus Estimate of $672 million. Also, the top line increased from the year-ago reported figure of $525.6 million.
Gross profit was up 42.7% year over year to $357.5 million. Total operating expenses flared up 39.8% year on year to $447.1 million. General and administrative expenses shot up 14.5% from the prior-year quarter to $39.6 million. Nonetheless, operating income increased to $301.5 million from the year-earlier period’s $205.7 million. Net income came in at $255.9 million compared with the year-ago figure of $165.5 million.
Segmental Performance
Fiscal fourth-quarter service revenues came in at $620 million, up from $457.6 million recorded in the year-earlier period. Service revenues accounted for 83% of the total revenues. The reported figure also surpassed the Zacks Consensus Estimate of $601 million.
Vehicle sales summed $128.6 million for the quarter, up from the prior-year level of $67.9 million. The reported figure also surpassed the Zacks Consensus Estimate of $100 million.
Financial Position
Copart — which is considered as the eBay (EBAY - Free Report) of salvage vehicles — had cash and cash equivalents of $1,048.3 million on Jul 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $397.6 million at the end of fiscal fourth-quarter 2021.
Copart — whose peers include KAR Auctions Services Inc. (KAR - Free Report) and Insurance Auto Auctions aka IAA, Inc. — 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 2021 (ended Jul 31, 2021) adjusted earnings per share of $1.03, surpassing the Zacks Consensus Estimate of 89 cents. Higher-than-expected revenues from both the company’s segments led to this outperformance. The bottom line also surged 51.5% year over year from 68 cents reported in the prior-year quarter.
The online auto auction leader generated revenues of $748.6 million, beating the Zacks Consensus Estimate of $672 million. Also, the top line increased from the year-ago reported figure of $525.6 million.
Gross profit was up 42.7% year over year to $357.5 million. Total operating expenses flared up 39.8% year on year to $447.1 million. General and administrative expenses shot up 14.5% from the prior-year quarter to $39.6 million. Nonetheless, operating income increased to $301.5 million from the year-earlier period’s $205.7 million. Net income came in at $255.9 million compared with the year-ago figure of $165.5 million.
Segmental Performance
Fiscal fourth-quarter service revenues came in at $620 million, up from $457.6 million recorded in the year-earlier period. Service revenues accounted for 83% of the total revenues. The reported figure also surpassed the Zacks Consensus Estimate of $601 million.
Vehicle sales summed $128.6 million for the quarter, up from the prior-year level of $67.9 million. The reported figure also surpassed the Zacks Consensus Estimate of $100 million.
Financial Position
Copart — which is considered as the eBay (EBAY - Free Report) of salvage vehicles — had cash and cash equivalents of $1,048.3 million on Jul 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $397.6 million at the end of fiscal fourth-quarter 2021.
Copart — whose peers include KAR Auctions Services Inc. (KAR - Free Report) and Insurance Auto Auctions aka IAA, Inc. — 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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Since 1950, presidential election years have been strong for the market. This report names 5 timely stocks to ride the wave of electoral excitement.
They include a medical manufacturer that gained +11,000% in the last 15 years… a rental company absolutely crushing its sector… an energy powerhouse planning to grow its already large dividend by 25%... an aerospace and defense standout that just landed a potentially $80 billion contract… and a giant chipmaker building huge plants in the U.S.
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