) witnessed a 20.7% rise in earnings to 35 cents per share in the
fiscal fourth quarter ended July 31, 2012 from 29 cents per share
in the corresponding quarter last year. The company's earnings
surpassed the Zacks Consensus Estimate by 2 cents per share. In
absolute terms, profits escalated 10.8% to $44.9 million from $40.5
million in the year-ago quarter.
The company's revenues went up 5.2% to $226.6 million in the
quarter, beating the Zacks Consensus Estimate of $219.0 million.
The year-over-year growth in revenues was attributable to increased
unit volume sales in North America. However, volume sales in the
U.K. remained flat due to the challenging economic condition in the
region. Same-store sales went up 6.6% during the quarter.
Gross profit increased 11% to $99.4 million or 43.9% of sales from
$89.6 million or 41.6% in the year-ago quarter. Operating income
swelled 9.5% to $69.5 million from $63.5 million recorded in the
fourth quarter of fiscal 2011.
Fiscal 2012 Results
Copart posted a 28.7% rise in earnings to $1.39 per share in the
fiscal year ended July 31, 2012 from $1.08 per share in fiscal
2011. Profits climbed 9.5% to $182.1 million from $166.4 million in
the year-ago period.
Revenues improved 6% to $924.2 million from $872.2 million in
fiscal 2011. Operating income augmented 8% to $286.4 million from
$265.3 million in fiscal 2011.
During fiscal 2012, the company has repurchased 2.8 billion shares
for $65.0 billion, at an average price of $23.22. The company has
48,213,218 shares remaining under its share repurchase
authorization at the end of the fiscal year.
Copart had cash and cash equivalents of $140.1 million as of July
31, 2012 versus $74.0 million as of July 31, 2011. Total debt and
capital lease obligations amounted to $444.1 million as of July 31,
2012 compared with $375.8 million as of July 31, 2011. During
fiscal 2012, the company generated net cash flow of $229.7 million
compared with $242.9 million in the prior fiscal year.
Copart is the provider of online auctions and vehicle remarketing
services in the U.S., Canada, U.K. and U.A.E. and operates 156
facilities. The company provides a wide range of remarketing
services to vehicle suppliers, primarily insurance companies, to
process and sell salvage vehicles mainly over the Internet through
the company's Virtual Bidding Internet auction-style sales
Copart, which competes with
Liquidity Services, Inc.
), maintains a Zacks #4 Rank, which translates into a short-term (1
to 3 months) Sell rating. Currently, we have a long-term Neutral
recommendation on the stock.
COPART INC (CPRT): Free Stock Analysis Report
LIQUIDITY SVCS (LQDT): Free Stock Analysis
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