CarMax, Inc Q2 Conference Call Highlights
CarMax, Inc (NYSE: KMX) reported its second quarter earnings on Tuesday. Shares of the company are down 9 percent.
Below are some key highlights and takeaways from the company's conference call.
In the second quarter, total revenues grew 11% to $3.6 billion.
• Net earnings grew 10% to $155 million and earnings per share increased by 13% to $0.70 per share.
• Earnings per share for the quarter included $0.06 related to the receipt of the Toyota legal settlement proceeds.
• In terms of other key drivers for the quarter, used unit comps increased slightly for the quarter and total used units rose by over 6%.
• Gross profit per used unit remained flat compared to last year at $2,173.
• Total wholesale units grew by over 7% and gross profit per wholesale unit expanded by 3% or $25.
• Other sales and revenues increased 11% year-over-year due to an $8.5 million improvement in third-party finance fees and CAF income grew 10% to approximately $93 million.
• And net loans originated in the quarter rose 7% to $1.2 billion.
• SG&A for the quarter increased approximately 5% to $298 million.
• For the quarter, average monthly web visits grew to nearly 14 million, up 15% compared to the same period last year.
• Visitors to our mobile site continued to represent approximately 30% of total visits, while visits utilizing our mobile apps represented another 15% of the total.
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