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CarMax fiscal Q2 profit climbs 21.8% YOY

CarMax Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 was 83 cents per share, compared with the S&P Capital IQ consensus estimate of 76 cents per share.

EPS increased 28.4% year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $174.9 million, a gain of 21.8% from $143.6 million in the year-earlier period.

The normalized profit margin increased to 4.3% from 3.8% in the year-earlier period.

Total revenue rose 8.1% year over year to $4.05 billion from $3.75 billion, and total operating expenses rose 7.2% year over year to $3.77 billion from $3.51 billion.

Reported net income rose 11.1% on an annual basis to $171.9 million, or 82 cents per share, from $154.7 million, or 70 cents per share.