April 6, 2017 / 12:05 PM / 8 months ago

UPDATE 1-CarMax profit beats as used-car sales rise

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April 6 (Reuters) - CarMax Inc, the No.1 U.S. used-car dealer, reported a higher-than-expected quarterly profit, helped by higher vehicle sales.

The company’s shares were up 2.3 percent at $58.00 in premarket trading on Thursday.

CarMax said its comparable unit sales growth at used-car stores open for at least a year rose 8.7 percent in the fourth quarter ended Feb. 28.

Total used car sales rose 13.4 percent to 176,017 units in the quarter. However, average selling prices for used vehicles fell 1.6 percent to $19,435.

Net earnings rose to $152.6 million, or 81 cents per share, in the quarter, from $141.0 million, or 71 cents per share, a year earlier.

Net sales and operating revenue rose to $4.05 billion from $3.71 billion.

Analysts on average had expected a profit of 79 cents per share and revenue of $3.93 billion, according to Thomson Reuters I/B/E/S. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)

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