CarMax beats by $0.01, misses on revs; Q4 comps -8%
- Reports Q4 (Feb) earnings of $0.88 per share, excluding non-recurring items (see below), $0.01 better than the Capital IQ Consensus of $0.87; revenues rose 0.8% year/year to $4.08 bln vs the $4.18 bln Capital IQ Consensus.
- Used unit sales in comparable stores declined 8.0% in the fourth quarter,while they increased 2.0% for the fiscal year. Total used unit sales fell 3.1% in the fourth quarter, while they rose 7.5% for the fiscal year. Total wholesale unit sales increased 8.9% in the fourth quarter and 4.3% for the fiscal year.
- In connection with the Tax Cuts and Jobs Act of 2017, net earnings for the current year's fourth quarter were reduced by $32.7 million, or $0.18 per diluted share, for the revaluation of our net deferred tax asset. Net earnings for the current year's quarter were reduced by a one-time discretionary bonus of $8.0 million, or $0.03 per diluted share net of taxes, paid to eligible associates.
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