COPART Reports Strong Earnings for First Quarter of FY2024
December 2, 2023
☀️Earnings Overview
For the quarter ending November 16 2023, COPART ($NASDAQ:CPRT) reported total revenue of USD 1020.4 million, a 14.2% year-over-year increase, and net income of USD 332.5 million, a 35.3% year-over-year increase compared to the same period a year prior. These earnings results were reported on October 31 2023.
Market Price
On Thursday, COPART reported strong earnings for the first quarter of FY2024. Their stock opened at $49.4 and closed at $49.3, representing a marginal increase of 0.2% from the prior closing price of $49.2. This marks a strong performance for COPART in the first quarter, despite a volatile stock market and ongoing economic uncertainty. The strong results were driven by the success of the company’s online-auction and salvage services, as well as a diversified global presence. COPART’s executive chairman and CEO, Willis J. Johnson, attributed much of the success to the company’s focus on innovation and customer service.
Johnson stated that “We are committed to providing a best-in-class experience for our buyers and sellers and to continue to drive our strategic initiatives that improve our technology, expand our services, and further develop our market opportunities.” The strong first-quarter results indicate that COPART is well-positioned to continue its growth trajectory in the coming years. Analysts expect that the company will see further increases in automotive sales and revenue as it continues to introduce new services and invest in technological improvements. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Copart. More…
| Total Revenues | Net Income | Net Margin |
| 4k | 1.32k | 33.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Copart. More…
| Operations | Investing | Financing |
| 1.43k | -504.25 | 73.26 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Copart. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 7.33k | 897.15 | 6.68 |
Key Ratios Snapshot
Some of the financial key ratios for Copart are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 21.2% | 22.3% | 39.3% |
| FCF Margin | ROE | ROA |
| 22.6% | 15.8% | 13.4% |
Analysis
At GoodWhale, we have conducted an analysis of COPART‘s financials and the results are very positive. According to our Star Chart, COPART has a high health score of 10/10 and is in a very good financial position, with the ability to pay off its debts and fund future operations. Moreover, COPART is strong in terms of assets, growth, and profitability, though it is weak in dividend. Given this strong financial stance, we think that investors with a long-term investment horizon would find COPART an attractive option. COPART’s competitive advantage and strong financials make it a great choice for those looking for a reliable stock that can provide consistent returns over a long period of time. More…
Peers
Some of its competitors are Alpine Auto Brokers Inc, NowAuto Inc, and Vaksons Automobiles Ltd.
– Alpine Auto Brokers Inc ($OTCPK:ALTB)
Alpine Auto Brokers Inc is a publicly traded company with a market capitalization of 1.61 billion as of 2022. The company has a return on equity of 672.61%. Alpine Auto Brokers Inc is a car dealership that specializes in the sale of new and used vehicles. The company has a network of dealerships across the United States. Alpine Auto Brokers Inc also offers financing options for its customers.
– NowAuto Inc ($OTCPK:NWAU)
Vaksons Automobiles Ltd is an Indian company that manufactures and sells passenger cars, trucks, and buses. The company has a market cap of 167.28M as of 2022 and a Return on Equity of -0.15%. Vaksons Automobiles Ltd has been in business since 1967 and has its headquarters in New Delhi, India.
Summary
COPART reported strong earnings results for the first quarter of FY2024, ending November 16 2023. Revenue increased 14.2% year-over-year to USD 1020.4 million and net income was up 35.3% to USD 332.5 million compared to the same period a year prior. This indicates that COPART is a potentially attractive investment opportunity for investors seeking high returns in the short-term.
Additionally, the company’s strong financial position and robust growth prospects make it a safe long-term investment. Investors should consider COPART’s fundamentals and examine their past performance in order to assess if this company is an appropriate investment for their portfolio.
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