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.