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Copart (CPRT) Q4 Earnings & Sales Top Estimates, Rise Y/Y

Copart, Inc. CPRT reported fourth-quarter fiscal 2021 (ended Jul 31, 2021) adjusted earnings per share of $1.03, surpassing the Zacks Consensus Estimate of 89 cents. Higher-than-expected revenues from both the company’s segments led to this outperformance. The bottom line also surged 51.5% year over year from 68 cents reported in the prior-year quarter.

The online auto auction leader generated revenues of $748.6 million, beating the Zacks Consensus Estimate of $672 million. Also, the top line increased from the year-ago reported figure of $525.6 million.

Copart, Inc. Price, Consensus and EPS Surprise

Copart, Inc. price-consensus-eps-surprise-chart | Copart, Inc. Quote

Gross profit was up 42.7% year over year to $357.5 million. Total operating expenses flared up 39.8% year on year to $447.1 million. General and administrative expenses shot up 14.5% from the prior-year quarter to $39.6 million. Nonetheless, operating income increased to $301.5 million from the year-earlier period’s $205.7 million. Net income came in at $255.9 million compared with the year-ago figure of $165.5 million.

Segmental Performance

Fiscal fourth-quarter service revenues came in at $620 million, up from $457.6 million recorded in the year-earlier period. Service revenues accounted for 83% of the total revenues. The reported figure also surpassed the Zacks Consensus Estimate of $601 million.

Vehicle sales summed $128.6 million for the quarter, up from the prior-year level of $67.9 million. The reported figure also surpassed the Zacks Consensus Estimate of $100 million.

Financial Position

Copart — which is considered as the eBay EBAY of salvage vehicles — had cash and cash equivalents of $1,048.3 million on Jul 31, 2021 compared with $477.7 million as of Jul 31, 2020. Long-term debt and financial lease obligations summed $397.6 million at the end of fiscal fourth-quarter 2021.

Copart — whose peers include KAR Auctions Services Inc. KAR and Insurance Auto Auctions aka IAA, Inc. IAA — 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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