CarMax's Comparable Store Unit Sales Swing Back to Growth in Fiscal Second Quarter
CarMax reported good fiscal second-quarter 2019 results that, like first quarter, received a significant boost from buybacks and the new lower tax rate. We see no reason to change our fair value estimate. Revenue increased year over year by 8.6% to slightly beat consensus, while diluted EPS grew 26.5% to $1.24, besting consensus by $0.02. We calculate that excluding buybacks, EPS grew 22.4% to $1.20. We also calculate that the lower tax rate contributed $0.22 to EPS including buybacks. The fisca...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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