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 ...

Richmond, VA, April 22, 2024 (GLOBE NEWSWIRE) -- CarMax, Inc. (NYSE:KMX), the nation's largest retailer of used cars, has released its latest findings on consumer trends in used electric vehicle (EV) shopping. The data, gathered from CarMax.com search and sales data from September 2023 to February 2024, reveals insights into consumer interest, popular models, trade-ins, and regional preferences. Key Highlights: From January 2021 to February 2024, monthly search volume for electric vehicles on CarMax.com ...

Key PointsCarMax shares suffered a 9.2% drop on its fiscal Q4 2024 earnings report, marking its first EPS miss since fiscal Q2 2023.CarMax is suffering from falling used car prices that aren't up-ticking consumer demand as affordability remains a top challenge driven by high interest rates and low consumer confidence.CarMax unit sales rose on the retail front and the CEO is confident they will accelerate market share growth as used car affordability improves with deflation and as vehicle values stabilize.5 ...

Vehicle Sales and Operations - CarMax sold 765,572 used vehicles at retail during fiscal year 2024[111] - CarMax sold 546,331 vehicles through wholesale auctions in fiscal 2024[111] - Used vehicle sales for 2024 were $20.92 billion, accounting for 78.8% of total sales, compared to $23.03 billion (77.6%) in 2023 and $24.44 billion (76.6%) in 2022[539] - Wholesale vehicle sales for 2024 were $4.98 billion, representing 18.8% of total sales, down from $5.99 billion (20.2%) in 2023 and $6.76 billion (21.2%) in 2022[539] - Used vehicle sales revenue for 2024 was $20.92 billion, a decrease from $23.03 billion in 2023 and $24.44 billion in 2022[626] - Total net sales and operating revenues for 2024 were $26.54 billion, down from $29.68 billion in 2023 and $31.90 billion in 2022[626] Digital and Online Operations - Approximately 95% of customers who purchased a vehicle from CarMax first visited the company online in fiscal 2024[128] - 70% of CarMax customers leveraged digital capabilities to complete transactions in fiscal 2024[128] - Over 80% of CarMax customers use the online finance-based shopping tool at the start of the credit process[116] Financial Performance and Earnings - Net earnings for 2024 were $479.2 million, compared to $484.8 million in 2023 and $1.15 billion in 2022[517] - Diluted net earnings per share for 2024 were $3.02, compared to $3.03 in 2023 and $6.97 in 2022[515] - Total comprehensive income for 2024 was $440.6 million, compared to $629.1 million in 2023 and $1.22 billion in 2022[517] - Net earnings for 2024 were $479.2 million (1.8% of total sales), slightly lower than $484.8 million (1.6%) in 2023 and significantly lower than $1.15 billion (3.6%) in 2022[539] - Net earnings for fiscal 2024 were $479.2 million, down from $484.8 million in fiscal 2023[574] Cash Flow and Capital Expenditures - Net cash provided by operating activities for 2024 was $458.6 million, compared to $1.28 billion in 2023 and a net cash used of $2.55 billion in 2022[520] - Capital expenditures for 2024 were $465.3 million, compared to $422.7 million in 2023 and $308.5 million in 2022[520] - Proceeds from issuances of long-term debt for 2024 were $134.6 million, compared to $3.02 billion in 2023 and $7.68 billion in 2022[520] - Cash, cash equivalents, and restricted cash at the end of 2024 were $1.25 billion, compared to $951.0 million in 2023 and $803.6 million in 2022[520] - Cash equivalents totaling $506.6 million as of February 29, 2024, up from $470.9 million in 2023[577] Debt and Interest Rates - CarMax's total debt as of February 2024 was $16.87 billion, with $10.44 billion in fixed-rate debt and $6.43 billion in variable-rate debt[498] - A 100-basis point increase in market interest rates would decrease CarMax's fiscal 2024 net earnings per share by approximately $0.02[498] Internal Controls and Reporting - CarMax's internal control over financial reporting was effective as of February 29, 2024[502] - The company maintained effective internal control over financial reporting as of February 29, 2024[511] Segment Operations - The company operates in two reportable segments: CarMax Sales Operations and CarMax Auto Finance (CAF)[522] - The company completed the acquisition of Edmunds Holding Company on June 1, 2021[522] Assets and Liabilities - Total current assets increased to $5.23 billion in 2024 from $5.04 billion in 2023, with cash and cash equivalents rising to $574.1 million from $314.8 million[543] - Auto loans receivable, net of allowance for loan losses, grew to $17.01 billion in 2024 from $16.34 billion in 2023[543] - Total liabilities increased to $21.12 billion in 2024 from $20.57 billion in 2023, with long-term debt decreasing to $1.60 billion from $1.91 billion[543] - Shareholders' equity rose to $6.07 billion in 2024 from $5.61 billion in 2023, driven by an increase in retained earnings to $4.13 billion from $3.72 billion[543] - Cash equivalents consisting of highly liquid investments with original maturities of three months or less were $484.3 million as of February 29, 2024, up from $229.5 million as of February 28, 2023[548] - Other investments, including restricted money market securities and equity securities, totaled $137.3 million as of February 29, 2024, compared to $133.2 million as of February 28, 2023[555] - Accrued compensation and benefits increased to $192.4 million in 2024 from $159.3 million in 2023[557] - Vehicle return reserves increased slightly to $97.8 million in 2024 from $95.9 million in 2023[557] - Restricted cash on deposit in reserve accounts was $118.2 million as of February 29, 2024, compared to $113.7 million as of February 28, 2023[585] - Total average managed receivables were $17,313.2 million for 2024, $16,304.3 million for 2023, and $14,934.0 million for 2022[605] - Auto loans receivable, net, were $17,011.8 million as of February 29, 2024, and $16,341.8 million as of February 28, 2023[606] - Total ending managed receivables were $17,391.8 million as of February 29, 2024, and $16,767.9 million as of February 28, 2023[608] - Core managed receivables for A-grade customers were $9,141.1 million (52.6%) as of February 29, 2024, compared to $8,489.9 million (50.6%) as of February 28, 2023[609] - Core managed receivables for B-grade customers were $6,123.5 million (35.2%) as of February 29, 2024, compared to $5,913.6 million (35.3%) as of February 28, 2023[609] - Core managed receivables for C and other grades were $1,548.7 million (8.9%) as of February 29, 2024, compared to $1,925.7 million (11.5%) as of February 28, 2023[609] - Gross charge-offs were $561.5 million as of February 29, 2024, compared to $561.5 million as of February 28, 2023[609] - The allowance for loan losses was $482.8 million as of February 29, 2024, compared to $507.2 million as of February 28, 2023[608] - Asset-backed term funding was $12,638.2 million as of February 29, 2024, compared to $12,242.8 million as of February 28, 2023[608] - Total ending managed receivables as of February 29, 2024, were $17.39 billion, with past due receivables accounting for 5.44% ($946.6 million) of the total[613] - The company recorded a provision for loan losses of $310.5 million for the year ended February 29, 2024[611] - Delinquent loans 31-60 days past due accounted for 3.07% ($534.4 million) of total ending managed receivables as of February 29, 2024[613] - Allowance for loan losses balance at the end of 2024 was $507.2 million, representing 3.02% of total ending managed receivables[642] - Current portion of cancellation reserves decreased to $69.7 million in 2024 from $76.1 million in 2023[662] - Total assets at fair value were $1,247.407 million in 2024, with 95.3% classified as Level 1 and 4.7% as Level 2[653] - Derivative instruments designated as hedges had a fair value of $45.761 million in assets and ($2.302) million in liabilities as of February 29, 2024[653] - Deferred tax assets decreased to $426,693 thousand as of February 2024 from $447,628 thousand in 2023[664] - Deferred tax liabilities decreased to $327,903 thousand as of February 2024 from $366,888 thousand in 2023[664] - Net deferred tax asset increased to $98,790 thousand as of February 2024 from $80,740 thousand in 2023[664] - Allowance for loan losses decreased to $117,618 thousand as of February 2024 from $123,636 thousand in 2023[664] - Operating lease liabilities decreased to $139,124 thousand as of February 2024 from $146,006 thousand in 2023[664] - Share-based compensation increased to $43,689 thousand as of February 2024 from $37,165 thousand in 2023[664] - Intangibles decreased to $43,060 thousand as of February 2024 from $47,072 thousand in 2023[664] - Property and equipment decreased to $101,796 thousand as of February 2024 from $113,015 thousand in 2023[664] - Inventory increased to $18,933 thousand as of February 2024 from $14,512 thousand in 2023[664] - Derivatives decreased to $33,933 thousand as of February 2024 from $54,672 thousand in 2023[664] Revenue and Expenses - Extended protection plan revenues for 2024 were $401.8 million, down from $422.3 million in 2023 and $478.4 million in 2022[626] - Advertising and subscription revenues for 2024 were $135.8 million, slightly up from $133.3 million in 2023[626] - Total other sales and revenues for 2024 were $638.0 million, down from $660.8 million in 2023 and $699.5 million in 2022[626] - Interest and fee income increased to $1,677.4 million in 2024, up 9.7% from $1,441.5 million in 2023[633] - Total interest margin after provision for loan losses decreased to $728.2 million in 2024, down from $814.2 million in 2023[633] - CarMax Auto Finance income declined to $568.3 million in 2024, compared to $663.4 million in 2023[633] - Provision for loan losses was $310.5 million in 2024, slightly lower than $317.0 million in 2023[633] - Total direct expenses increased to $159.9 million in 2024, up from $150.8 million in 2023[633] - Total advertising expenses decreased to $265.6 million in fiscal 2024 from $295.6 million in fiscal 2023[563] - Share-based compensation expense increased to $70.96 million in fiscal 2024 from $62.03 million in fiscal 2023[574] - Repurchases of common stock totaled $91.41 million in fiscal 2024, down from $323.24 million in fiscal 2023[574] - Retained earnings grew to $4.13 billion in fiscal 2024 from $3.72 billion in fiscal 2023[574] - Accumulated other comprehensive income decreased to $59.28 million in fiscal 2024 from $97.87 million in fiscal 2023[574] - Total equity increased to $6.07 billion in fiscal 2024 from $5.61 billion in fiscal 2023[574] - Amortization expense of intangible assets remained consistent at $15.4 million in both fiscal 2024 and 2023[660] - The company recognized a $20.8 million expense in CAF income for changes in fair value of derivatives for the year ended February 29, 2024[615] - The company estimates that $48.5 million will be reclassified from AOCI to CAF income in the next 12 months[615]