Shares of Copart (CPRT.US) gain 9% today after strong earnings report with revenues up almost 12.5% YoY. Morningstar' analysts named Copart one of the strongest moats in the auto industry. The company receives the majority of its vehicle volume through contracts with large auto insurance firms and sells them on consignment for high margins, often to dismantles. Wall Street almost ignored some pressure on company margins.
- The vehicle auction company posted adjusted EPS of $0.37, in line with the consensus and aboce $0.34 in Q3 2023; up 8.8% YoY. Revenue came in at $1.15 billion, above $1.09 billion estimated on Wall Street. It is a 12.4% YoY increase from $1.02 billion in the Q3 2023.
- Service revenues grew 14.8% YoY to $986.3 million, but vehicle sales dipped only slightly by 0.2% to $160.5 million. However, the market expects that auto sales will rise in Q4 and through 2025 with lower Fed rates stimulating vehicles demand.
- Net income rose 8.9% YoY to $362.1 million, with gross profit at $512.1 million (10.4% YoY). The company commented positively about its global expansion and technology investments; connecting 'more buyers and sellers in our marketplace'.
Source: xStation5
US100 tries to recover🗽Sell-off hits uranium stocks
Zions Bancorp rebound after sharp US regional bank stocks sell-off 📈
DE40: European markets decline due to concerns about the U.S. banking sector
Cockroach fears cause stock market sell off, as we wait for clearer details
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
