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CarMax fiscal Q2 profit falls YOY

CarMax Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 came to 84 cents per share, compared with the S&P Capital IQ consensus estimate of 88 cents per share.

EPS rose year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $163.6 million, a decline of 6.5% from $174.9 million in the prior-year period.

The normalized profit margin fell to 3.9% from 4.3% in the year-earlier period.

Total revenue climbed on an annual basis to $4.19 billion from $4.05 billion, and total operating expenses climbed on an annual basis to $3.91 billion from $3.77 billion.

Reported net income declined 5.4% from the prior-year period to $162.6 million, or 84 cents per share, from $171.9 million, or 82 cents per share.