Copart, Inc. (NASDAQ: CPRT) recently reported financial results for the quarter ended April 30, 2023.
For the three months ended April 30, 2023, revenue, gross profit, and net income were $1,021.8 million, $483.4 million, and $350.4 million, respectively. These represent an increase in revenue of $81.9 million, or 8.7%; an increase in gross profit of $47.2 million, or 10.8%; and an increase in net income of $71.8 million, or 25.8%, respectively, from the same period last year. Fully diluted earnings per share for the three months were $0.72 compared to $0.58 last year, an increase of 24.1%.
For the nine months ended April 30, 2023, revenue, gross profit, and net income were $2,871.9 million, $1,279.4 million, and $890.0 million, respectively. These represent an increase in revenue of $254.4 million, or 9.7%; an increase in gross profit of $54.8 million, or 4.5%; and an increase in net income of $63.6 million, or 7.7%, respectively, from the same period last year. Fully diluted earnings per share for the nine months were $1.84 compared to $1.71 last year, an increase of 7.6%.
Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the three months ended April 30, 2023 and 2022 were $0.72, and $0.58, respectively, which was an increase of 24.1%. Excluding the impact of certain income tax benefits related to stock-based compensation, non-GAAP fully diluted earnings per share for the nine months ended April 30, 2023 and 2022, were $1.83, and $1.67, respectively, which was an increase of 9.6%. A reconciliation of non-GAAP financial measures to the most directly comparable financial measures computed in accordance with U.S. generally accepted accounting principles (GAAP) can be found in the tables by clicking the link below.
On Wednesday, May 17, 2023, at 5 p.m. Eastern Time, Copart conducted a conference call to discuss the results for the quarter. A replay of the call will be available through August 2023 by visiting Copart.com/InvestorRelations.
Click here for a PDF version of this report, including financial tables.
Source www.copart.com
