CarMax earnings (NYSE: KMX ) surged more than 20% compared to the year-ago quarter, sending KMX stock up close to 5% on Friday.
- The Richmond, Va.-based company's net income increased 27.9% compared to the year-ago quarter, reaching $190.3 million. Its net earnings per diluted share gained 34.6% year-over-year to $1.09.
- The used-car retailer added that its net sales and operating revenues popped 4.6% to $4.3 billion.
- CarMax also said that its used unit sales in comparable stores took a hit of 1.2% year-over-year.
- Plus, the company's total used unit sales gained 2.3% compared to the year-ago quarter.
- It was a bright spot for the company's total wholesale unit sales as this figure was 10% higher compared to the year-ago quarter.
- Plus, CarMax Auto Finance (CAF) income surged 6.7% to $109.7 million.
- Used-vehicle sales saw a year-over-year growth of 3.6%, reaching $3.55 billion, which was below the Wall Street consensus estimate of $3.6 billion, according to data compiled by FactSet .
- CarMax added that its total gross profit for the period was 5.6% higher than it was during its third quarter of fiscal 2017, reaching $569.2 million this time around.
"We are pleased to report solid growth in both pretax earnings and earnings per share, despite having soft comparable store used unit sales this quarter," said Bill Nash, president and CEO.
KMX stock is gaining about 4.4% on Friday following the company's quarterly earnings results.
More From InvestorPlace
- The 10 Best Marijuana Stocks to Buy in 2019
- 10 Stocks Defying the Market Selloff, Including Cronos
- 7 Stocks to Buy to Survive a Bear Market
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.