CarMax's 3Q Gets Help From Tax Change, but We See Company as Still in Good Shape
We are not changing our fair value estimate for CarMax after incorporating fiscal 2019 third-quarter results into our model because we see no change to our investment thesis. Diluted EPS rose 34.6% year over year to $1.09, beating consensus of $1. We calculate 15.3% EPS growth excluding the impact of the U.S. tax law change. Revenue rose 4.6% to $4.3 billion, about in line with consensus. We are glad to see the market on Dec. 21 looking past the admittedly weak same-store unit sales growth of ne...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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