CarMax Inc
- CarMax declined 7.2% to $73.65 after the used car retailer reported weaker-than-expected quarterly results.
Revenue in the fiscal fourth quarter ending in February declined 1.7% to $5.6 billion from $5.7 billion, net income dropped to $50.3 million from $69.0 million, and diluted earnings per share decreased to 32 cents from 44 cents a year ago.
Retail unit sales in the quarter increased 1.3% to 172,057 units from 169,884 units, and wholesale vehicle sales decreased 4% to 115,546 from 120,330.
The average sale price of a used vehicle decreased 2.3% to $25,985 and that of a that of a wholesale vehicle fell 3.2% to $8,034 from $8,297 a year ago, respectively.
The company pushed back its long-term goal of selling 2 million vehicles in a year to between fiscal years 2026 and 2030, citing macroeconomic uncertainties.
The company repurchased 685,600 shares for $49.3 million at the end of the fiscal fourth quarter, and as of February 29, had $2.36 billion available for repurchase under the outstanding authorization.
In fiscal year 2025, the company intends to "modestly accelerate the pace of share repurchases," above the pace that was implemented in the third quarter of fiscal year 2024.
Apr 11, 2024 - CarMax jumped 8.5% to $80.98 after the used car retailer reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in November declined 5.5% to $6.1 billion, net earnings advanced to $82 million from $37.6 million, and diluted earnings per share rose to 52 cents from 24 cents a year ago.
Total retail used vehicle unit sales declined 2.9% to 174,766 and comparable store used unit sales declined 4.1% from the prior year’s third quarter, respectively.
Higher car prices and elevated interest rates continue to make vehicle affordability challenging.
Total retail used vehicle revenues decreased 7.2% compared with the prior year’s third quarter, driven by the decrease in average retail selling price, which declined approximately $1,300 per unit, or 4.6%, as well as the decrease in retail used units sold.
The company repurchased 648,500 shares of common stock for $41.9 million in the quarter, and as of the end of November, about $2.41 billion were available for stock repurchase under the stock repurchase authorization.
Dec 21, 2023 - CarMax Inc dropped 9.9% to $71.80 on the weakening demand for used vehicles and the used-car dealer reported mixed quarterly results.
Net revenue in the fiscal second quarter ending in August fell 13.1% to $7.1 billion and the company purchased 292,000 vehicles from customers and dealers, a 14.9% decline from a year ago.
Retail and wholesale vehicle sales declined 9% to 342,662 units from a year ago and online retail sales accounted for 14% of retail sales compared to 11% in the quarter a year ago.
Total retail used vehicle sales declined 7.4% to 200,825 units and comparable unit sales declined 9% from a year ago.
Total wholesale unit sales decreased 11.2% from a year ago to 141,837 units.
Net income in the quarter declined to $118.6 million from $125.9 million and diluted earnings per share dropped to 75 cents from 79 cents a year ago.
Sep 28, 2023 - CarMax, Inc increased 9% to $85.37 after the used car retailer reported better-than-expected quarterly results.
Revenue in the fiscal first quarter 2024 ending in May decreased 17.4% to $7.7 billion after retail unit sales fell 9.6% and same store unit sales dropped 11.4% and wholesale unit eased 13.6% from a year ago.
Net earnings declined to $228.3 million from $252.2 million and diluted earnings per share fell to $1.44 from $1.56 a year ago.
Average selling retail price of a used car decreased 5.5% to $27,258 from $28,844 and wholesale price fell 17.9% to $9,024 from $10,996 a year ago.
During the first quarter, the company did not repurchase its common stock and still had $2.45 billion available in its stock repurchase plan.
Jun 23, 2023 - CarMax Inc said revenue in the fiscal fourth quarter ending in February increased 25.6% to $5.6 billion and net income plunged to $69.0 million from $1159.8 million and diluted earnings per share fell to 44 cents from 98 cents a year ago.
Combined retail and wholesale used vehicle unit sales were 290,214, 15.5% lower compared to the previous year. Average selling price for used vehicles declined 9.3% to $26,598 from $29,312 a year ago.
Used vehicle sales unit sales at comparable stores declined 14.1% in the quarter on top of 6.5% fall in the previous year's period. Used vehicle revenue at comparable stores dropped 22.0% compared to 30.5% increase in the quarter a year ago.
During the quarter, the company did not repurchase any of its shares and the stock repurchase program still has $2.45 billion available for buyback.
Apr 11, 2023
| Year | May | Aug | Nov | Feb | Annual | |
|---|---|---|---|---|---|---|
| 2023 | 0.44 | 1.44 | 0.75 | 0.52 | - | |
| 2022 | 0.99 | 1.56 | 0.79 | 0.24 | 3.03 | |
| 2021 | 1.28 | 2.63 | 1.72 | 1.63 | 6.97 | |
| 2020 | 1.3 | 0.03 | 1.79 | 1.42 | 4.52 | |
| 2019 | 1.13 | 1.59 | 1.4 | 1.04 | 5.33 | |
| 2018 | 0.68 | 1.33 | 1.24 | 1.09 | 4.79 | |
| 2017 | 0.81 | 1.13 | 0.98 | 0.81 | 3.73 | |
| 2016 | 0.74 | 0.90 | 0.88 | 0.72 | 2.34 | |
| 2015 | 0.65 | 0.86 | 0.79 | 0.63 | 2.93 | |
| 2014 | 0.76 | 0.70 | 0.60 | 0.43 | 2.16 | |
| 2013 | 0.64 | 0.62 | 0.47 | 0.46 | 1.87 | |
| 2012 | 0.52 | 0.48 | 0.41 | 0.41 | 1.79 | |
| 2011 | 0.54 | 0.48 | 0.36 | 0.37 | 1.65 | |
| 2010 | 0.44 | 0.48 | 0.36 | 0.32 | 1.24 | |
| 2009 | 0.13 | 0.46 | 0.33 | 0.18 | 0.27 | |
| 2008 | 0.13 | 0.06 | -0.10 | 0.09 | 0.82 | |
| 2007 | 0.30 | 0.29 | 0.14 | 0.19 | 0.92 | |
| 2006 | 0.27 | 0.25 | 0.21 | 0.17 | 0.63 | |
| 2005 | 0.18 | 0.18 | 0.11 | 0.09 | 0.48 |