CarMax Q2 Results Beat Estimates - Quick Facts

(RTTNews) - Used vehicles retailer CarMax, Inc. (KMX) announced a rise in second-quarter net profit to $140.27 million, or $0.62 a share, from the prior-year quarter's $111.64 million, or $0.48 a share. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.57 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales and operating revenues increased 18% year-over-year to $3.25 billion, from $2.76 billion, while 11 analysts estimated revenues of $3.16 billion.

On a year-over-year basis, quarterly total used vehicle unit sales grew by 21% and comparable-store used units went up 16%, with comparable-store used unit sales benefitting from improved execution in our stores and an attractive consumer credit environment, as well as a modest growth in store traffic.

Commenting on the results, Tom Folliard, president and chief executive, said: "The improvement was driven by several contributors, including double-digit growth in used and wholesale unit sales and CAF income."