We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Copart, Inc. (CPRT - Free Report) reported fourth-quarter fiscal 2023 (ended Jul 31, 2023) adjusted earnings per share of 34 cents, beating the Zacks Consensus Estimate of 31 cents. The bottom line also increased 21.4% year over year.
The online auto auction leader generated revenues of $997.6 million, beating the Zacks Consensus Estimate of $950 million. The top line also increased by 12.9% from the year-ago reported figure.
CPRT’s fiscal fourth-quarter service revenues came in at $834.2 million, up from $707.8 million recorded in the year-ago period, outpacing our estimate of $784.8 million.
Service revenues accounted for 83.6% of the total revenues. Vehicle sales totaled $163.3 million in the quarter, down from the prior year’s level of $175.6 million. The figure, however, surpassed our estimate of $156.9 million.
Gross profit was up 19.9% year over year to $457.6 million. Total operating expenses flared up 8.7% to $606.9 million. General and administrative expenses rose 28.4% from the prior-year quarter to $55.5 million. Operating income rose to $390.6 million from $324.8 million recorded in the year-ago quarter. Net income also shot up 31.9% year over year to $347.8 million.
Copart had cash, cash equivalents and restricted cash of $957.4 million as of Jul 31, 2023 compared with $1,384.2 million as of Jul 31, 2022. Long-term debt rose to $10.9 million at the end of the reported quarter from roughly $2 million as of Jul 31, 2022.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 and 2024 has moved north by 23 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 9 cents each in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year increases of 9.4% and 25.3%, respectively. The EPS estimate for 2023 and 2024 has moved up by 39 cents and 43 cents, respectively, in the past 60 days.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Copart (CPRT) Q4 Earnings & Revenues Surpass Estimates
Copart, Inc. (CPRT - Free Report) reported fourth-quarter fiscal 2023 (ended Jul 31, 2023) adjusted earnings per share of 34 cents, beating the Zacks Consensus Estimate of 31 cents. The bottom line also increased 21.4% year over year.
The online auto auction leader generated revenues of $997.6 million, beating the Zacks Consensus Estimate of $950 million. The top line also increased by 12.9% from the year-ago reported figure.
Copart, Inc. Price, Consensus and EPS Surprise
Copart, Inc. price-consensus-eps-surprise-chart | Copart, Inc. Quote
Key Stats
CPRT’s fiscal fourth-quarter service revenues came in at $834.2 million, up from $707.8 million recorded in the year-ago period, outpacing our estimate of $784.8 million.
Service revenues accounted for 83.6% of the total revenues. Vehicle sales totaled $163.3 million in the quarter, down from the prior year’s level of $175.6 million. The figure, however, surpassed our estimate of $156.9 million.
Gross profit was up 19.9% year over year to $457.6 million. Total operating expenses flared up 8.7% to $606.9 million. General and administrative expenses rose 28.4% from the prior-year quarter to $55.5 million. Operating income rose to $390.6 million from $324.8 million recorded in the year-ago quarter. Net income also shot up 31.9% year over year to $347.8 million.
Copart had cash, cash equivalents and restricted cash of $957.4 million as of Jul 31, 2023 compared with $1,384.2 million as of Jul 31, 2022. Long-term debt rose to $10.9 million at the end of the reported quarter from roughly $2 million as of Jul 31, 2022.
Zacks Rank & Other Key Picks
CPRT currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Oshkosh Corporation (OSK - Free Report) , Gentex Corporation (GNTX - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 and 2024 has moved north by 23 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 9 cents each in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings suggests year-over-year increases of 9.4% and 25.3%, respectively. The EPS estimate for 2023 and 2024 has moved up by 39 cents and 43 cents, respectively, in the past 60 days.