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Copart's (CPRT) Q1 Earnings & Revenues Top Estimates, Up Y/Y
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Copart, Inc. (CPRT - Free Report) reported first-quarter fiscal 2021 (ended Oct 31, 2020) adjusted diluted earnings per share of 79 cents, surpassing the Zacks Consensus Estimate of 69 cents. Higher-than-expected revenues from vehicle sales led to the outperformance. The bottom line also increased 21.5% year over year from the 65 cents reported in the prior-year quarter.
Total revenues came in at $592.9 million, beating the Zacks Consensus Estimate of $571 million. Moreover, the top line increased from the year-ago reported figure of $554.4 million.
For the fiscal first quarter, service revenues came in at $515.4 million, up from the $487.9 million recorded in the year-earlier period. The reported figure is also at par with the consensus mark of $515 million. Service revenues accounted for 87% of total revenues. Vehicle sales summed $77.5 million for the quarter, up from the prior-year level of $66.6 million, and outpacing the consensus estimate of $66 million.
Gross profit was up 16.4% year over year to $296.8 million. Total operating expenses edged down 1.3% year on year to $344.3 million. Notably, general and administrative expenses were down 9.5% from the prior-year quarter to $35.1 million. Resultantly, operating income increased to $248.6 million from the year-earlier quarter’s $205.4 million. Net income came in at $200.3 million compared with the year-ago figure of $218.2 million.
Financial Position
The online auto auction leader had cash and cash equivalents of $605.7 million as of Oct 31, 2020 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations were $411.8 million, up from $397 million as of Jul 31, 2020.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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Copart's (CPRT) Q1 Earnings & Revenues Top Estimates, Up Y/Y
Copart, Inc. (CPRT - Free Report) reported first-quarter fiscal 2021 (ended Oct 31, 2020) adjusted diluted earnings per share of 79 cents, surpassing the Zacks Consensus Estimate of 69 cents. Higher-than-expected revenues from vehicle sales led to the outperformance. The bottom line also increased 21.5% year over year from the 65 cents reported in the prior-year quarter.
Total revenues came in at $592.9 million, beating the Zacks Consensus Estimate of $571 million. Moreover, the top line increased from the year-ago reported figure of $554.4 million.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. price-consensus-eps-surprise-chart | Copart, Inc. Quote
For the fiscal first quarter, service revenues came in at $515.4 million, up from the $487.9 million recorded in the year-earlier period. The reported figure is also at par with the consensus mark of $515 million. Service revenues accounted for 87% of total revenues. Vehicle sales summed $77.5 million for the quarter, up from the prior-year level of $66.6 million, and outpacing the consensus estimate of $66 million.
Gross profit was up 16.4% year over year to $296.8 million. Total operating expenses edged down 1.3% year on year to $344.3 million. Notably, general and administrative expenses were down 9.5% from the prior-year quarter to $35.1 million. Resultantly, operating income increased to $248.6 million from the year-earlier quarter’s $205.4 million. Net income came in at $200.3 million compared with the year-ago figure of $218.2 million.
Financial Position
The online auto auction leader had cash and cash equivalents of $605.7 million as of Oct 31, 2020 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations were $411.8 million, up from $397 million as of Jul 31, 2020.
Copart — peers of which include Byd Co., Ltd (BYDDY - Free Report) , Liquidity Services, Inc. (LQDT - Free Report) 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.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>