Core Insights - CarMax reported revenue of $7.11 billion for the quarter ended May 2024, reflecting a year-over-year decline of 7.5% and an EPS of $0.97 compared to $1.16 a year ago [4] Financial Performance - The reported revenue of $7.11 billion was slightly below the Zacks Consensus Estimate of $7.2 billion, resulting in a revenue surprise of -1.14% [2] - The company experienced an EPS surprise of -2.02%, with the consensus EPS estimate being $0.99 [2] - CarMax's shares returned +3.5% over the past month, outperforming the Zacks S&P 500 composite's +3.2% change [3] Key Metrics - Comparable Store Used Vehicles Sales decreased by 6.1% year-over-year, compared to the average estimate of -2.4% [6] - Revenue per vehicle retailed for used vehicles was $26.53 thousand, slightly above the estimated $26.35 thousand [6] - Total number of stores was 245, slightly below the estimated 246 [6] - Unit sales of wholesale vehicles were 147,685, below the average estimate of 161,029 [6] - Revenue per vehicle retailed for wholesale vehicles was $8.09 thousand, below the estimated $8.38 thousand [6] - Net sales for wholesale vehicles were $1.26 billion, below the estimated $1.35 billion, representing a year-over-year decline of 17% [6] - Net sales for used vehicles were $5.68 billion, below the estimated $5.76 billion, reflecting a year-over-year decline of 5.4% [6] - Other sales and revenues from third-party finance fees were reported at -$1.70 million, worse than the estimated -$1.54 million, showing a significant year-over-year change of -666.7% [6] - Extended protection plan revenues were $118.80 million, exceeding the estimated $110.37 million, with a year-over-year increase of 6.8% [6] - Advertising and subscription revenues were $34.70 million, slightly above the estimated $34.05 million, representing a year-over-year change of +10.5% [6]

CarMax Today CarMax +1.45 (+2.03%) ▼ P/E Ratio 24.03 Add to Watchlist Get CarMax alerts: CarMax struggled in Q1, with volume and pricing impacting the top and bottom lines. However, the company's $7.11 billion in revenue outpaced the consensus reported by MarketBeat despite the 7.5% decline. The critical details are that the revenue was slightly better than expected and aided performance on the bottom line. Regarding units sold, total units fell by 5.3%, while used same-store comparable sales fell by 3.8% a ...

Core Insights - CarMax Inc. reported first-quarter fiscal 2025 adjusted earnings per share of 97 cents, missing the Zacks Consensus Estimate of 99 cents and declining from $1.16 per share in the prior year [1] - The company's revenues for the quarter were $7.11 billion, falling short of the Zacks Consensus Estimate of $7.19 billion and contracting 7.5% year over year [1] Segment Performance - Used-vehicle net sales totaled $5.68 billion, down 5.4% year over year due to a decline in unit sales and average selling price (ASP) [2] - Units sold in the used-vehicle segment decreased 3.1% year over year to 211,132 vehicles, missing the forecast of 228,073 units [2] - The ASP of used vehicles decreased 2.7% from the year-ago quarter to $26,526, beating the projection of $26,191 [2] - Wholesale vehicle revenues contracted 17% year over year to $1.26 billion, below the projection of $1.32 billion due to lower-than-anticipated units sold and ASP [3] - Units sold in the wholesale segment decreased 8.3% to 147,685, missing the forecast of 161,977 [3] - The ASP for wholesale vehicles dipped 10.3% to $8,094, compared to the estimate of $8,139 [3] - Used-vehicle gross profit per unit (GPU) was $2,347, down from $2,361 in the prior year and lagging the estimate of $2,901.2 due to higher-than-expected cost of sales [8] Financial Overview - Selling, general and administrative expenses increased 14% year over year to $638.6 million [10] - As of May 31, 2024, CarMax had cash and cash equivalents of $218.9 million and long-term debt of $1.59 billion [10] - The company repurchased shares worth $104 million during the fiscal first quarter, with $2.26 billion remaining under the share repurchase authorization [4] Other Performance Metrics - Other sales and revenues increased 4.8% year over year to $179.5 million, exceeding the estimate of $166.7 million [9] - CarMax Auto Finance saw a 7% year-over-year rise in income to $147 million at the end of the fiscal first quarter [9] - As of May 31, 2024, CarMax operated 245 used car stores [11]

CarMax (KMX) came out with quarterly earnings of $0.97 per share, missing the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $1.16 per share a year ago. These figures are adjusted for nonrecurring items. CarMax, which belongs to the Zacks Automotive - Retail and Wholesale - Parts industry, posted revenues of $7.11 billion for the quarter ended May 2024, missing the Zacks Consensus Estimate by 1.14%. This compares to year-ago revenues of $7.69 billion. The company has topped consen ...

Sales Performance - Retail used unit sales decreased by 3.1% to 211,132 units, while comparable store used unit sales fell by 3.8% from the prior year's first quarter[6]. - Total net sales and operating revenues were $7.11 billion, a decline of 7.5% compared to $7.69 billion in the prior year's first quarter[21]. - Total wholesale vehicle unit sales declined by 8.3% to 147,685 units, with wholesale revenues decreasing by 17.0%[7]. - The average retail selling price for used vehicles decreased by approximately $700 per unit, or 2.7%, to $26,526[23]. - Online retail sales accounted for 14% of retail unit sales, with revenue from online transactions totaling $2.1 billion, representing approximately 30% of net revenues[9]. Profitability - Gross profit decreased by 3.1% to $791.9 million, with retail used vehicle gross profit per unit remaining stable at $2,347[9]. - Used vehicle gross profit decreased by 3.7% to $495.5 million compared to $514.6 million in the same period last year[29]. - Total gross profit declined by 3.1% to $791.9 million from $817.4 million year-over-year[29]. - Net earnings fell by 33.2% to $152.4 million, down from $228.3 million in the same quarter last year[32]. Expenses - SG&A expenses rose by 14.1% to $638.6 million, with SG&A as a percentage of gross profit increasing to 80.6%[12]. - SG&A expenses increased by 14.1% to $638.6 million, up from $559.8 million in the prior year, with SG&A as a percentage of gross profit rising to 80.6% from 68.5%[30]. Financing and Investments - CarMax Auto Finance (CAF) income increased by 7.0% to $147.0 million, driven by growth in average managed receivables and net interest margin percentage[14]. - Interest margin improved to $270.2 million, a 4.9% increase from $257.9 million in the previous year[31]. - The net penetration rate for loans originated by CarMax Auto Finance rose to 43.3%, compared to 42.7% in the prior year[31]. - The company repurchased 1.4 million shares of common stock for $104.0 million during the first quarter, with $2.26 billion remaining available for repurchase[18]. - The company launched its first non-prime asset-backed securitization deal in June 2024 as part of the expansion of its securitization program[16]. Assets and Liabilities - Total assets increased to $27,242,094 thousand as of May 31, 2024, compared to $27,196,797 thousand as of February 29, 2024, reflecting a growth of 0.17%[45]. - Total current assets decreased to $4,970,307 thousand as of May 31, 2024, down from $5,226,594 thousand as of February 29, 2024, representing a decline of 4.9%[45]. - Total liabilities decreased slightly to $21,075,224 thousand as of May 31, 2024, from $21,123,057 thousand as of February 29, 2024[45]. - Retained earnings increased to $4,192,798 thousand as of May 31, 2024, compared to $4,126,909 thousand as of February 29, 2024, indicating a growth of 1.6%[45]. - Total shareholders' equity rose to $6,166,870 thousand as of May 31, 2024, from $6,073,740 thousand as of February 29, 2024, reflecting an increase of 1.5%[45]. Future Outlook - The company sold approximately 770,000 used vehicles and 550,000 wholesale vehicles during the fiscal year ended February 29, 2024[36]. - CarMax plans to release results for the second quarter ending August 31, 2024, on September 26, 2024[35]. - The company reported a net cash used in operating activities of $117,689 thousand for the three months ended May 31, 2024, compared to $185,285 thousand in the same period of 2023[47]. - Capital expenditures for the three months ended May 31, 2024, were $103,914 thousand, down from $136,719 thousand in the same period of 2023[47]. - The company issued non-recourse notes payable amounting to $3,676,000 thousand during the financing activities[47].

Loading... Analysts expect the Richmond, Virginia-based company to report quarterly earnings at 94 cents per share, down from $1.16 per share in the year-ago period. CarMax is projected to post quarterly revenue of $7.21 billion, according to data from Benzinga Pro. Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables. Read This Next: Top 4 Consumer Stocks that May Keep You Up ...

CarMax Inc. (KMX) is slated to release first-quarter fiscal 2025 results on Jun 21, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter's earnings and revenues is pegged at $1.02 per share and $7.23 billion, respectively. The earnings estimate for the to-be-reported quarter has been revised downward by 6 cents in the past 60 days. The bottom-line projection indicates a year-over-year contraction of 12%. The Zacks Consensus Estimate for quarterly revenues suggests a year-over ...

Analysts predict that the 'Gross Profit per Unit - Used vehicles gross profit' will reach $2,392.71. Compared to the current estimate, the company reported $2,361 in the same quarter of the previous year. The collective assessment of analysts points to an estimated 'Gross Profit per Unit - Wholesale vehicles gross profit' of $1,025.91. Compared to the present estimate, the company reported $1,042 in the same quarter last year. View all Key Company Metrics for CarMax here>>> Over the past month, shares of Ca ...

The market expects CarMax (KMX) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended May 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price cha ...

Download the 2024 Responsibility Report here. CarMax has continued efficiencies to reduce its electricity use, including leveraging LED lighting in its stores, and has increased its use of renewable electricity from wind and biogas. In 2023, 41% of CarMax's total electricity consumed was from renewable sources, up from 36% 2022. In addition, in 2023, CarMax was featured for the first time on the Environmental Protection Agency's Green Power Partnership Top 30 Retail list. CarMax continues to advance its gre ...