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Copart Q1 Earnings Match Expectations, Revenues Increase Y/Y
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Copart, Inc. (CPRT - Free Report) reported first-quarter fiscal 2025 (ended Oct. 31, 2024) adjusted earnings per share of 37 cents, matching the Zacks Consensus Estimate. The bottom line increased 8.8% year over year. The online auto auction leader generated revenues of $1.15 billion, beating the Zacks Consensus Estimate of $1.11 billion. The top line increased 12.4% from the year-ago reported figure.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Copart’s fiscal first-quarter service revenues came in at $986.3 million, which increased from $859.5 million recorded in the year-ago period and also outpaced the Zacks Consensus Estimate of $954 million. Service revenues accounted for 86% of total revenues. Vehicle sales totaled $160.5 million in the quarter, which fell from the prior-year quarter’s $160.9 million and missed the Zacks Consensus Estimate of $175 million.
While facility operations expenses rose 21.6% year over year to $447.2 million, the cost of vehicle sales was down 6.6% to $138.2 million. Facility depreciation and amortization came in at $47.5 million, up 21.4% year over year. Facility stock-based compensation declined 17.2% to $1.8 million.
Gross profit was up 10.4% year over year to $512.1 million. General and administrative expenses rose 57.9% from the prior-year quarter to $90.99 million. Total operating expenses rose 14.5% to $690 million.
Operating income rose to $740.5 million from $625 million recorded in the year-ago quarter. Net income also grew 8.6% year over year to $361.2 million.
Copart had cash, cash equivalents and restricted cash of $3.7 billion as of Oct. 31, 2024, compared with $1.5 billion as of July 31, 2024.
Net cash from operating activities during the quarter under review totaled $482.3 million. Capex during the quarter was $236.8 million.
The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.97%. EPS estimates for 2024 and 2025 have improved by 22 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved by 35 cents and 39 cents, respectively, in the past 30 days.
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Copart Q1 Earnings Match Expectations, Revenues Increase Y/Y
Copart, Inc. (CPRT - Free Report) reported first-quarter fiscal 2025 (ended Oct. 31, 2024) adjusted earnings per share of 37 cents, matching the Zacks Consensus Estimate. The bottom line increased 8.8% year over year. The online auto auction leader generated revenues of $1.15 billion, beating the Zacks Consensus Estimate of $1.11 billion. The top line increased 12.4% from the year-ago reported figure.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. price-consensus-eps-surprise-chart | Copart, Inc. Quote
Key Tidbits
Copart’s fiscal first-quarter service revenues came in at $986.3 million, which increased from $859.5 million recorded in the year-ago period and also outpaced the Zacks Consensus Estimate of $954 million. Service revenues accounted for 86% of total revenues. Vehicle sales totaled $160.5 million in the quarter, which fell from the prior-year quarter’s $160.9 million and missed the Zacks Consensus Estimate of $175 million.
While facility operations expenses rose 21.6% year over year to $447.2 million, the cost of vehicle sales was down 6.6% to $138.2 million. Facility depreciation and amortization came in at $47.5 million, up 21.4% year over year. Facility stock-based compensation declined 17.2% to $1.8 million.
Gross profit was up 10.4% year over year to $512.1 million. General and administrative expenses rose 57.9% from the prior-year quarter to $90.99 million. Total operating expenses rose 14.5% to $690 million.
Operating income rose to $740.5 million from $625 million recorded in the year-ago quarter. Net income also grew 8.6% year over year to $361.2 million.
Copart had cash, cash equivalents and restricted cash of $3.7 billion as of Oct. 31, 2024, compared with $1.5 billion as of July 31, 2024.
Net cash from operating activities during the quarter under review totaled $482.3 million. Capex during the quarter was $236.8 million.
Zacks Rank & Other Key Picks
CPRT currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) , Tesla, Inc. (TSLA - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.97%. EPS estimates for 2024 and 2025 have improved by 22 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved by 35 cents and 39 cents, respectively, in the past 30 days.