CarMax Earnings Zoom as Sales Increase
Excluding a benefit related to lower-than-expected loan losses, the Richmond, Va.-based company said net income totaled 41 cents a share, beating analyst estimates of 33 cents a share.
Net sales and operating revenues rose 23% to $2.26 billion up from $1.83 billion in the fiscal first quarter of last year. The nation's largest seller of used cars said comparable-store used unit sales increased 9% for the quarter, while total used unit sales also rose 9% in the first quarter.
Separately, Standard & Poor's said CarMax will replace XTO Energy (XTO) in the S&P 500 stock index ($INX) after markets close Friday.