CarMax Starts Fiscal 2019 With Good Quarter Helped by Buybacks and Tax Reform
CarMax reported fiscal first-quarter 2019 results that received a lot of help from continued share buybacks and the new lower U.S. tax rate. We do not see a reason to change our fair value estimate. Diluted EPS increased by 17.7% year over year, but we calculate a 13% increase excluding $207.4 million of buybacks during the quarter at an average share price we estimate at $62.85. Management rightly pointed out in the release that EPS growth came from the tax law change lowering the company's eff...CarMax is a holding company. Through its subsidiaries, the company is engaged as a retailer of used vehicles. The company operates in two segments: CarMax Sales Operations, which sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers; and CarMax Auto Finance, which consists of finance operation that provides vehicle financing to customer buying retail vehicles from the company The company's products and services include retail merchandising, wholesale auctions, extended protection plans, reconditioning and service, and customer credit.
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