finance.yahoo.com - Carmax earnings top wall

Highlights:

CarMax's share of the nationwide age 0-10 year old used vehicle market remained at 4.0% in calendar year 2022. Gains in the first half of the year were offset in the back half, reflecting our focus on achieving profitable market share gains.

Net revenues were $5.7 billion, down 25.6% compared with the prior year fourth quarter. For the fiscal year, net revenues decreased 6.9% to $29.7 billion.

Retail used unit sales declined 12.6% in the fourth quarter, and comparable store used unit sales declined 14.1%; wholesale units declined 19.3% in the fourth quarter.

Delivered robust margins in retail and wholesale; gross profit per retail unit of $2,277, an increase of $82 per unit versus last year's fourth quarter, and gross profit per wholesale unit of $1,187, relatively flat compared to the prior year's record.

SG&A of $572.8 million decreased 7.7% or $48.1 million from last year's fourth quarter as a result of active cost management.

Bought 262,000 vehicles from consumers and dealers, down 22.5% versus last year's record fourth quarter and sequentially up 10.1% from this year's third quarter.

CarMax Auto Finance (CAF) income of $123.9 million, down 36.1% from the prior year fourth quarter due to compression in the net interest margin percentage and a higher provision for loan losses, partially offset by an increase in average managed receivables.

Net earnings per diluted share of $0.44, down from $0.98 a year ago. For the fiscal year, net earnings per diluted share declined 56.5% to $3.03.