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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.

Copart, Inc. Price, Consensus and EPS Surprise

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.

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