CarMax shares jumped more than 8% on Friday after the company said net earnings in its fiscal fourth quarter ended Feb. 28 came in at $192.6 million, or $1.13 a share, vs. $122.1 million, or 67 cents a share, in the comparable year-earlier period. Net sales and operating revenue increased to $4.32 billion.
Analysts surveyed by FactSet had been expecting earnings of $1.04 a share.
For the fiscal year, CarMax said net earnings increased to $842.4 million, or $4.79 a share, from $664 million, or $3.60 a share in the previous year. Analysts surveyed by FactSet had been expecting per-share earnings of $4.70 for the full year.
Sales and operating revenue rose to $18.2 billion from $17.1 billion a year earlier.
CarMax noted that both its prior-year quarterly and annual numbers were reduced by the effect of tax cuts related to the 2017 Jobs Act, as well as a one-time discretionary bonus of $8 million, or 3 cents a share net of taxes, paid to eligible associates.
Shares of CarMax climbed $5.31 to $68.99 in early trading on the New York Stock Exchange.
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