Copart Q1 Earnings Match Expectations, Revenues Increase Y/Y

Core Insights - Copart, Inc. reported adjusted earnings per share of 37 cents for the first quarter of fiscal 2025, matching the Zacks Consensus Estimate, with an 8.8% year-over-year increase [1] - The company generated revenues of $1.15 billion, exceeding the Zacks Consensus Estimate of $1.11 billion, and reflecting a 12.4% increase from the previous year [1] Revenue Breakdown - Service revenues for the quarter were $986.3 million, up from $859.5 million in the prior year, and surpassed the Zacks Consensus Estimate of $954 million, accounting for 86% of total revenues [3] - Vehicle sales totaled $160.5 million, slightly down from $160.9 million in the previous year and below the Zacks Consensus Estimate of $175 million [3] Expense Analysis - Facility operations expenses increased by 21.6% year over year to $447.2 million, while the cost of vehicle sales decreased by 6.6% to $138.2 million [4] - General and administrative expenses rose significantly by 57.9% to $90.99 million, contributing to total operating expenses increasing by 14.5% to $690 million [4] Profitability Metrics - Gross profit increased by 10.4% year over year to $512.1 million, with operating income rising to $740.5 million from $625 million in the prior year [4][5] - Net income grew by 8.6% year over year to $361.2 million [5] Cash Position - As of October 31, 2024, Copart had cash, cash equivalents, and restricted cash totaling $3.7 billion, a significant increase from $1.5 billion as of July 31, 2024 [5] - Net cash from operating activities for the quarter was $482.3 million, with capital expenditures amounting to $236.8 million [5]