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Copart's (CPRT) Q2 Earnings Surpass Estimates, Sales Surge Y/Y

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Copart, Inc. CPRT reported second-quarter fiscal 2022 (ended Jan 31, 2022) adjusted earnings per share of $1.10, surpassing the Zacks Consensus Estimate of $1.04. The bottom line also surged 37.5% year over year from 80 cents reported in the prior-year quarter.

The online auto auction leader generated revenues of $867.5 million, beating the Zacks Consensus Estimate of $786.9 million. The top line also increased 40.6% from the year-ago reported figure of $786.9 million.

Gross profit was up 31.2% year over year to $403.3 million. Total operating expenses flared up 45% to $520.1 million. General and administrative expenses jumped 18.7% from the prior-year quarter to $42.8 million. Nonetheless, operating income increased to $347.3 million from $258.2 million. Net income came in at $287.4 million compared with the year-ago figure of $193.4 million.

Segmental Performance

Fiscal second-quarter service revenues came in at $711.1 million, up from $532.6 million recorded in the year-earlier period. Service revenues accounted for 82% of the total revenues.

Vehicle sales totaled $156.4 million in the quarter, up from the prior-year level of $84.4 million.

Financial Position

Copart had cash and cash equivalents of $1,346.5 million as of Jan 31, 2022, compared with $1,048.3 million as of Jul 31, 2021. Long-term debt was $403.8 million at the end of second-quarter fiscal 2022.

Zacks Rank & Key Picks

Currently, CPRT has a Zacks Rank #3 (Hold).

Some better-ranked players in the auto space are Tesla TSLA, sporting a Zacks Rank #1(Strong Buy) and Dorman Products DORM and Allison Transmission Holdings ALSN, each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

Tesla has an expected earnings growth rate of 40.7% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 22% upward in the past 30 days.

Tesla’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 33.6%, on average. The stock has also rallied 17.3% over a year.

Dorman has an expected earnings growth rate of 15.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 0.2% upward in the past 30 days.

Dorman’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and met the consensus mark in one. DORM pulled off a trailing four-quarter earnings surprise of 10.41%, on average.

Allison has an expected earnings growth rate of 19.1% for the current year. The Zacks Consensus Estimate for earnings for the current year have been stable in the past 30 days.

Allison’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and met the consensus mark in one. ALSN pulled off a trailing four-quarter earnings surprise of around 13.4%, on average. The stock has also rallied 7% over a year.


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