CarMax Q2 Profit Rises; Comparable Store Used Unit Sales Up 5.3%

(RTTNews) - CarMax, Inc. (KMX) reported that its second-quarter net earnings rose 11.7 percent to $181.42 million from $162.36 million in the year ago period, while earnings per share increased 16.7 percent to $0.98 from $0.84 per share last year.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter net sales and operating revenues increased 9.7% to $4.39 billion from $4.00 billion a year ago. Analysts expected revenue of $4.25 billion for the quarter.

Total used vehicle unit sales grew 11.1% and comparable store used unit sales rose 5.3%. The company said its comparable store sales performance reflected a continued solid improvement in conversion resulting from strong execution by its store teams and its digital initiatives.

Second-quarter wholesale vehicle unit sales rose 0.4% from a year ago.