Shares of Copart (NASDAQ:CPRT) are accelerating in late afternoon trading following the release of the company's fiscal Q1 2014 results. For the quarter, total revenues were just under $280 million, a notable improvement over the $239 million in the same period the previous year. Net income veered in the opposite direction, however, coming in at $41.4 million ($0.32 per diluted share) against the Q1 2013 figure of $45.8 million ($0.36).
Analysts had been expecting revenues of $271 million and EPS of $0.34.
Copart attracted some notice at the beginning of this year when hedge fund Jana Partners bought a large stake in the firm in the hopes it would transform into a real estate investment trust -- REITs are required to pay out a minimum of 90% of their profits in the form of dividends. In September, however, Copart disclosed that it would not pursue such a conversion. Jana Partners has since reduced its stake in in the company.
Following the results announcement, Copart stock is trading 4.4%, or $1.42, higher on the day at $33.92 per share.
Fool contributor Eric Volkman has no position in Copart. The Motley Fool recommends Copart. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.