CarMax Posts US$8.5 Billion In Revenue For Fiscal Q3 2022
CarMax, Inc. (NYSE: KMX) reported this morning its financial results for fiscal Q3 2022, earning US$8.5 billion in revenue. This is an increase from Q3 2021’s revenue of US$5.2 billion.
Sales from used vehicles contributed US$6.4 billion to the topline revenue, an increase from US$4.2 billion last year. Warehouse sales added US$1.9 billion to the quarterly revenue, also an increase from US$828.4 million last year.
Online retail sales were approximately 30% of the net revenues, compared to 20% contribution last year.
However, the gross margin for the quarter dipped to 9.8% from last year’s 12.2%. In terms of operating expenses, compensation and benefits had the largest year-on-year jump–incurring US$341.6 million this quarter from US$241.5 million for the same comparable period last year.
This leads to the firm notching net earnings of US$269.4 million for the quarter, up from last year’s US$235.3 million. The quarterly earnings translate to US$1.63 per diluted share.
The company also ended the quarter with US$62.6 million in cash and cash equivalents and US$552.5 million in restricted cash tied to auto loans receivables. This puts the balance of the current assets at US$6.0 billion while current liabilities ended at US$2.1 billion.
For this quarter, the company’s combined sales were 415,054 vehicle units, a 29.3% increase from last year.
CarMax last traded at US$136.99 on the NYSE.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
