Copart (CPRT) Releases Earnings Results, Beats Expectations By $0.02 EPS

Copart (CPRT) announced its most recent quarterly financial results on Monday, Nov-21-2016. CPRT said it had a profit of $0.57 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.02. Analysts had a consensus of $0.55. The company posted revenue of $345.99 million in the period, compared to analysts expectations of $326.85 million. CPRT’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS.

Many Wall Street Analysts have commented on Copart. Company shares were Upgraded by BofA/Merrill on Sep 23, 2016 to ” Buy”, Firm has raised the Price Target to $ 63 from a previous price target of $52 .Copart was Downgraded by Barrington Research to ” Mkt Perform” on Sep 23, 2016. Susquehanna Initiated Copart on Aug 26, 2016 to “Neutral”, Price Target of the shares are set at $53.

Copart closed down -0.58 points or -1.02% at $56.06 with 9,98,157 shares getting traded on Monday. Post opening the session at $56.6, the shares hit an intraday low of $55.64 and an intraday high of $56.65 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

In a different news, on Oct 18, 2016, James E Meeks (director) sold 64,222 shares at $54.09 per share price. According to the SEC, on Sep 27, 2016, Sean Eldridge (SVP, Chief Operating Officer) sold 22,485 shares at $53.61 per share price. On Sep 26, 2016, Vincent W Mitz (President) sold 200,000 shares at $53.37 per share price, according to the Form-4 filing with the securities and exchange commission.

Copart Inc. is a provider of online auctions and vehicle remarketing services in the United States Canada the United Kingdom the United Arab Emirates Oman Bahrain and Brazil. The Company also provides vehicle remarketing services in Germany and Spain. It provides vehicle sellers with services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). It sells vehicles primarily to insurance companies and also to banks and financial institutions charities car dealerships fleet operators and vehicle rental companies. It sells the vehicles to licensed vehicle dismantlers rebuilders repair licensees used vehicle dealers and exporters and at certain locations to the general public. The Company that sells vehicles on behalf of insurance companies are either damaged vehicles deemed a total loss or not economically repairable by the insurance companies or are recovered stolen vehicles.

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