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CarMax fiscal Q2 profit climbs YOY

CarMax Inc. said its normalized net income for the fiscal second quarter ended Aug. 31 was 65 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS rose year over year from 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $143.6 million, an increase from $142.0 million in the prior-year period.

The normalized profit margin fell to 3.8% from 4.2% in the year-earlier period.

Total revenue increased 10.9% on an annual basis to $3.75 billion from $3.38 billion, and total operating expenses rose 11.6% from the prior-year period to $3.51 billion from $3.15 billion.

Reported net income grew 9.6% year over year to $154.7 million, or 70 cents per share, from $141.1 million, or 62 cents per share.