Copart Inc (CPRT) has reported a 21.34 percent rise in profit for the quarter ended Apr. 30, 2017. The company has earned $90.55 million, or $0.38 a share in the quarter, compared with $74.62 million, or $0.32 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $86.37 million, or $0.37 a share compared with $74.48 million or $0.32 a share, a year ago. Revenue during the quarter grew 7.66 percent to $373.86 million from $347.25 million in the previous year period. Gross margin for the quarter expanded 74 basis points over the previous year period to 46.14 percent. Total expenses were 63.41 percent of quarterly revenues, down from 64.88 percent for the same period last year. This has led to an improvement of 147 basis points in operating margin to 36.59 percent.
Operating income for the quarter was $136.79 million, compared with $121.95 million in the previous year period.
Operating cash flow improves significantly
Copart Inc has generated cash of $347.83 million from operating activities during the nine month period, up 66.95 percent or $139.48 million, when compared with the last year period. The company has spent $137.72 million cash to meet investing activities during the nine month period as against cash outgo of $142.97 million in the last year period. It has incurred net capital expenditure of $134.16 million on net basis during the nine month period, down 6.41 percent or $9.19 million from year ago period.
The company has spent $175.56 million cash to carry out financing activities during the nine month period as against cash outgo of $380.42 million in the last year period.
Cash and cash equivalents stood at $189.62 million as on Apr. 30, 2017, up 37.75 percent or $51.97 million from $137.65 million on Apr. 30, 2016.
Working capital increases sharply
Copart Inc has recorded an increase in the working capital over the last year. It stood at $372.12 million as at Apr. 30, 2017, up 42.62 percent or $111.20 million from $260.92 million on Apr. 30, 2016. Current ratio was at 2.68 as on Apr. 30, 2017, up from 2.28 on Apr. 30, 2016.
Days sales outstanding went up to 75 days for the quarter compared with 72 days for the same period last year.
Debt comes down
Copart has recorded a decline in total debt over the last one year. It stood at $566.91 million as on Apr. 30, 2017, down 19.11 percent or $133.97 million from $700.88 million on Apr. 30, 2016. Total debt was 31.29 percent of total assets as on Apr. 30, 2017, compared with 43.15 percent on Apr. 30, 2016. Debt to equity ratio was at 0.56 as on Apr. 30, 2017, down from 0.98 as on Apr. 30, 2016.
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