CarMax Q1 Results Top Estimates - Quick Facts

(RTTNews) - Used vehicles retailer CarMax Inc. (KMX) Friday said its first-quarter net earnings advanced to $169.7 million or $0.76 per share, from $146.7 million or $0.64 per share, in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

The firm clocked net sales and operating revenues of $3.75 billion in the quarter, a 13.3% increase, versus $3.31 billion, a year ago. Eleven analysts had consensus revenue estimate of $3.59 billion for the quarter.

Total used vehicle unit sales went up by 9.8% and comparable-store used unit sales grew 3.4% year-on-year. This growth was on top of increases of 22.1% in total used units and 16.7% in comparable-store used units in last year's first quarter. This year's comparable store used unit sales growth was driven by improved customer traffic. Wholesale vehicle unit sales climbed by 9.9% versus last year, benefiting from higher appraisal traffic and a stronger wholesale vehicle buy rate, as well as the addition of new stores.

Commenting on the quarterly performance, Tom Folliard, president and chief executive officer, said: "The improvement was broad-based, with contributions from our retail and wholesale operations, as well as from CAF."