CarMax, Inc KMX reported results Friday for the third quarter ended November 30, 2014. Revenues increased 15.8 percent compared to the prior year period to $3.41 billion, above estimates of $3.26 billion.
Net earnings grew 22.2 percent to $130.0 million. Net earnings per diluted share rose 27.7 percent to $0.60, above estimates of $0.54
Total used vehicle unit sales grew 14.0 percent and comparable store used unit sales increased 7.4 percent versus the prior year’s third quarter.
Wholesale vehicle unit sales grew 10.0 percent versus the third quarter of fiscal 2014. Wholesale unit sales primarily benefited from increased appraisal traffic and the growth of the store base.
During the third quarter of fiscal 2015, the company opened four stores, including two stores in new markets (Tupelo, Mississippi; and Reno, Nevada). CarMax also added stores in the Portland, Oregon and Raleigh, North Carolina markets. Through the first nine months of the fiscal year, the company opened 12 stores.
“We had another great quarter,” said Tom Folliard, president and chief executive officer. “Continued strong performance in our used, wholesale and CAF operations, along with the growth of our store base and our ongoing share repurchase program contributed to our record third quarter earnings per share.”
CarMax traded at $66.10 in the premarket, up 9.2 percent.
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