Copart (CPRT) Q3 Earnings Beat, Revenues Miss Estimates
Zacks Investment Research | May 24, 2017 09:58PM ET
Copart, Inc. (NASDAQ:CPRT) reported adjusted earnings per share of 38 cents in third-quarter fiscal 2017 (ended Apr 30, 2017) and beat the Zacks Consensus Estimate of 36 cents. The figure shows steep growth of 18.75% from 32 cents, recorded in the year-ago quarter.
Net income was $90.5 million, reflecting an increase of 21.3%,or $15.9 million, from the third quarter of 2016.
Copart’s revenues rose 7.7% to $373.9 million from the year-ago quarter but missed the Zacks Consensus Estimate of $386.1 million. Service revenues went up 9.5% to $332.35 million, while revenues from vehicle sales declined 5.1% to $41.52 million.
Gross margin improved 9.4% to $172.5 million in the reported quarter from $157.6 million, a year ago. Operating expenses also increased to $237.1 million from $225.3 million, recorded in the year-ago quarter.
Operating income shot up to $136.8 million from $121.9 million, reported the year-ago.
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