CarMax's Fiscal 2017 Second Quarter Shows Our Thesis Remains on Course
We are leaving our moat rating and fair value estimate for CarMax in place after its second-quarter fiscal 2017 results gave us no reason to change our thesis. Revenue grew 2.9% year over year to $4.0 billion, just missing consensus, while diluted earnings per share of $0.88 (excluding a $0.04 per share equity compensation charge for recently retired CEO Tom Folliard) matched consensus. Comparable-store used-unit volume rose by 3.1%, better than fiscal first quarter’s 0.2% rate but below the pri...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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