RTTNews | Dec 22, 2020 07:12AM EST

07:11 Tuesday, December 22, 2020 (RTTNews.com) - CarMax Inc. (KMX) reported that its net earnings for the third quarter increased 35.9% to $235.30 million from last year's $173.16 million, driven by strong execution in a dynamic environment.

Net earnings per share increased to $1.42 from $1.04 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.14 per share for the quarter. Analysts' estimates typically exclude special items. Quarterly revenues rose to $5.18 billion from $4.79 billion in the previous year. Analysts expected revenues of $5.0 billion.

Total used vehicle unit sales increased 1.0% while comparable store used unit sales decreased 0.8% compared with increases of 11.0% and 7.5%, respectively, for the prior year's third quarter.

Total wholesale vehicle unit sales increased 10.8% compared with the third quarter of fiscal 2020. The company's wholesale sales benefited from a record third quarter appraisal buy rate, partially offset by lower appraisal traffic, the company said.

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