Overview

• Online vehicle auction firm's fiscal Q3 revenue rose 2.1%, beating analyst expectations

• EPS beat analyst expectations, rising 2.4% year-over-year

• Net income for the quarter declined 1% from the prior year

Outlook

• Copart did not provide specific guidance or commentary on its outlook

Result Drivers

• INTERNATIONAL REVENUE GROWTH - International service revenues offset a small drop in U.S. service revenues, supporting overall revenue growth

• LOWER VEHICLE SALES COSTS - Cost of vehicle sales fell 5.6% year-over-year, helping gross profit growth

Company press release: ID:nBw2KBttQa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue	Beat	$1.24 bln	$1.20 bln (6 Analysts)
Q3 EPS	Beat	$0.43	$0.41 (7 Analysts)
Q3 Net Income		$401.39 mln
Q3 Gross Profit		$572.6 mln
Q3 Operating Expenses		$772.78 mln
Q3 Operating Income		$464.28 mln
Q3 Pretax Profit		$502.09 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the online services peer group is "buy"

• Wall Street's median 12-month price target for Copart Inc is $46.00, about 39.2% above its May 20 closing price of $33.04

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 23 three months ago

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