In This Story
CarMax Inc (KMX-2.89%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports net sales and operating revenues of $6.22 billion for the third quarter, a 1.2% increase from the same period last year. Used vehicle sales contributed $4.89 billion, while wholesale vehicle sales accounted for $1.17 billion.
CarMax's gross profit for the quarter was $677.6 million, an increase of 10.6% compared to the previous year. Used vehicle gross profit per unit was reported at $2,306.
CarMax Auto Finance (CAF) reported income of $159.9 million for the quarter, reflecting a 7.6% increase. The total interest margin was 6.2%, up from 5.9% in the prior year.
Selling, general, and administrative expenses were $575.8 million, representing 85% of gross profit, a 640 basis point improvement from the previous year.
Net earnings for the quarter were $125.4 million, a 53% increase from the same period last year. Diluted net earnings per share were $0.81.
The company opened one new store during the quarter, bringing the total to 248 stores in 109 U.S. television markets.
CarMax highlighted its strategic focus on enhancing its omni-channel platform, aiming to provide a seamless customer experience across online and in-store channels.
The filing also notes that CarMax continues to invest in its operations, with capital expenditures expected to total between $500 million and $550 million for fiscal 2025.
CarMax's liquidity position remains strong, with $271.9 million in cash and cash equivalents and $2 billion available under its revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CarMax Inc quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.