CarMax Q2 Net Earnings Rise - Quick Facts

(RTTNews) - CarMax Inc. (KMX) reported that its net earnings for the second-quarter ended August 31, 2015 increased about 11.5% to $172.23 million from $154.52 million in the same quarter last year. Net earnings per share rose 17.1% to $0.82 from $0.70 last year.

The latest-quarter net income per share included a $0.03 benefit related to a change in timing of recognition of reconditioning overhead costs.

In the prior year's second quarter, net income per share included a $0.06 benefit from the receipt of settlement proceeds in a class action lawsuit.

Excluding these items, second quarter net earnings grew 17.1% and net earnings per share grew 23.4%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.76 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales and operating revenues for the quarter increased about 7.9% to $3.88 billion from $3.60 billion last year. Wall Street expected revenues of $3.96 billion for the quarter.

Total used vehicle unit sales grew 9.2% and comparable store used unit sales increased 4.6% versus the prior year's second quarter. Comparable store used unit sales were driven by improved conversion, which benefited from the strong execution of our store teams.

Wholesale vehicle unit sales grew 8.7% versus the second quarter of fiscal 2015. Wholesale unit sales benefited from the growth in store base and a calendar shift that resulted in one extra Monday auction date compared with the prior year's quarter. It held a majority of its wholesale auctions on Mondays. Excluding the extra Monday, wholesale vehicle unit sales would have increased approximately 5.0% year-over-year.