Copart Inc (CPRT) released its third quarter results on Thursday, May 20, 2021. The company reported net earnings of $1.19 per share for the third quarter ending April 30, 2021. Earnings for this past quarter were up 92 percent compared to the same period a year ago.
The company was founded in 1982 and is headquartered in Dallas, Texas. Copart, Inc. provides online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, Brazil, the Republic of Ireland, Germany, Finland, the United Arab Emirates, Oman, Bahrain, and Spain. It offers a range of services for processing and selling vehicles over the internet through its virtual bidding third generation internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individuals.
Copart's revenue increased 11 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 55.49% for the third quarter compared to the same period in the previous year, and operating margins increased to 44.71% over the same period. Net earnings for past trailing twelve months were $846.05 million, up 23% from the prior year.
Moving on to the balance sheet, Copart's cash levels jumped 198% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 36.35% this past year. The current ratio for Copart now stands at 3.42. The company increased shares outstanding by 1.14%.
Shares of CPRT are currently trading around $124.09. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 35.23 and price to book ratio of 9.17.