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CarMax profit beats consensus by 15.8% in fiscal Q1

CarMax Inc. said its normalized net income for the fiscal first quarter ended May 31 came to 77 cents per share, compared with the S&P Capital IQ consensus estimate of 66 cents per share.

EPS climbed 18.5% year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $171.9 million, a gain of 15.9% from $148.3 million in the prior-year period.

The normalized profit margin climbed to 4.4% from 4.3% in the year-earlier period.

Total revenue rose 13.1% year over year to $3.90 billion from $3.44 billion, and total operating expenses increased 13.0% year over year to $3.61 billion from $3.20 billion.

Reported net income increased 16.2% year over year to $170.0 million, or 76 cents per share, from $146.3 million, or 64 cents per share.