Overview
Online vehicle auctioneer's Q2 revenue fell 3.6% yr/yr
Q2 net income decreased 9.5% yr/yr
Outlook
Company did not provide specific guidance for future quarters
Result Drivers
SERVICE REVENUE DECLINE - Service revenues fell 4% yr/yr, contributing to overall revenue decline
INTEREST INCOME - Interest income increased 22.7%, providing some offset to declines in operating income
STOCK-BASED COMPENSATION - Facility stock-based compensation rose 31%, impacting operating expenses
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
Miss
$0.36
$0.39 (7 Analysts)
Q2 Net Income
$349.97 mln
Q2 Gross Profit
$492.81 mln
Q2 Operating Expenses
$732.96 mln
Q2 Operating Income
$388.71 mln
Q2 Pretax Profit
$441.05 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 $46.62, about 23.5% above its February 18 closing price of $37.75
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 25 three months ago
Press Release: ID:nBw8tx9XLa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
