CarMax Q4 Profit Down; Increases Buyback Program By $1 Bln - Quick Facts

(RTTNews) - Used vehicles retailer CarMax Inc. (KMX) reported that its fourth-quarter net earnings declined to $99.21 million or $0.44 per share, from $107.22 million or $0.46 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items. But, net sales and operating revenues for the quarter rose to $3.08 billion from $2.83 billion in the prior year quarter. Eleven analysts had consensus revenue estimate of $3.18 billion for the quarter.

Used vehicle sales growth remained strong, with total used vehicle unit sales climbing 12% and comparable store used units up 7% versus the prior year's fourth quarter.

CarMax announced that its Board has approved a $1 billion expansion of the company's share repurchase program. This authorization expires December 31, 2015.

The new authorization is in addition to the $800 million of repurchases previously authorized by the Board, of which $282.1 million remained available as of February 28, 2014.