CarMax (KMX) Reports In-Line Q2 EPS

CarMax (NYSE: KMX) reported Q2 EPS of $0.88, ex-items, in-line with the analyst estimate of $0.88. Revenue for the quarter came in at $4 billion versus the consensus estimate of $4.01 billion.

Highlights:

• Net sales and operating revenues increased 2.9% to $4.00 billion.
• Used unit sales in comparable stores increased 3.1%.
• Total used unit sales rose 7.0%.
• Total wholesale unit sales declined 1.3%.
• CarMax Auto Finance (CAF) income declined 2.4% to $96.0 million.
• Net earnings declined $9.9 million, or 5.7%, to $162.4 million, while net earnings per diluted share rose 2.4% to $0.84. Net earnings for this year’s second quarter was reduced by $6.8 million, net of tax, or $0.04 per diluted share, related to the modification of equity awards held by our recently retired chief executive officer. As previously disclosed, net earnings for last year’s second quarter was increased by $6.4 million, net of tax, or $0.03 per diluted share, related to a change in timing of our recognition of reconditioning overhead costs.

For earnings history and earnings-related data on CarMax (KMX) click here.

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