Copart's (CPRT) Q2 Earnings Top, Sales Lag Estimates, Up Y/Y

Copart, Inc. CPRT reported second-quarter fiscal 2021 (ended Jan 31, 2021) adjusted earnings per share of 80 cents, marginally surpassing the Zacks Consensus Estimate of 79 cents. The bottom line also increased 25% year over year from the 64 cents reported in the prior-year quarter.

Total revenues came in at $617 million, missing the Zacks Consensus Estimate of $631 million. Moreover, the top line increased from the year-ago reported figure of $575.1 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 second quarter, service revenues came in at $532.6 million, up from the $510 million recorded in the year-earlier period. Service revenues accounted for 86.3% of the total revenues. Vehicle sales summed $84.4 million for the quarter, up from the prior-year level of $65.1 million.

Gross profit was up 18.3% year over year to $307.5 million. Total operating expenses edged down 1.8% year on year to $358.8 million. Notably, general and administrative expenses were down 8.2% from the prior-year quarter to $36 million. Resultantly, operating income increased to $258.2 million from the year-earlier period’s $209.9 million. Net income came in at $193.4 million compared with the year-ago figure of $168.7 million.

Financial Position

The online auto auction leader had cash and cash equivalents of $616.4 million as of Jan 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $402.7 million as of Jan 31, 2021, up from $397 million as of Jul 31, 2020.

Copart — peers of which include Byd Co., Ltd BYDDY , Liquidity Services, Inc. LQDT and Ritchie Bros Auctioneers Incorporated RBA — 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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