11:50 AM New York – CarMax beats earnings and revenues estimate on higher vehicle unit sales. The Finish Line soared despite profit and revenues declined. Presidio security and cloud business soared but net swung to a loss. Time Inc plans to sell some assets including Time UK.
Tollbooth Index edged down 1.86 to 12,493.82.
) jumped 5.6% or $3.83 to $72.67 after the used vehicles retailer reported net sales in the second-quarter ending in August soared 9.7% from a year ago to $4.4 billion.
Used unit sales in comparable stores in the quarter advanced 5.3% and total used unit sales surged 11.1% and total wholesale unit sales increased 0.4%.
Net income in the quarter jumped 11.7% to $181.4 million or 98 cents per diluted share from $162.4 million or 84 cents in the same quarter last year.
Total gross profit rose 10.8% to $604 million and used vehicle gross profit per unit was consistent at $2,178 from $2,160 in the same period a year ago.
The Finish Line, Inc
) soared 10% or 93 cents to $10.13 after the specialty retailer stated net sales in the second-quarter ending on August 26 slumped 3.3% from a year ago to $469.4 million.
Finish Line comparable store sales in the quarter declined 4.5% and Finish Line Macy’s sales jumped 5.6%.
Net income in the quarter tumbled 87.3% to $2.8 million or 7 cents per diluted share from $22.1 million or 53 cents in the same quarter last year.
The retailer forecasted third-quarter Finish Line comparable sales to decrease between 3% and 5% and diluted loss per share in the range of 32 cents to 40 cents.
In the fourth-quarter, the Finish Line estimated comparable sales to fall between 3% and 5% and diluted earnings per share in the range of 50 cents to 58 cents.
) plunged 6.8% or 94 cents to $13.01 after the consulting and information technology provider said revenues in the fourth-quarter ending in June dropped 3.3% from a year ago to $753.9 million.
Net in the quarter swung to a loss of $7.4 million or 10 cents per diluted share from profit of $10.4 million or 11 cents in the same quarter last year.
Presidio said revenues in security segment surged 38.4% and revenues in cloud business soared 11.9% but revenue in digital infrastructure segment declined 1.7% to $496.9 million.
In fiscal 2018, the information technology provider forecasted strong execution in security and cloud business and total revenues to increase 5.5% and diluted earnings per share to grow in the high single digit range.
) fell 7 cents to $12.48 after the media and publishing company said it exploring to sell its several assets, including Time Inc UK.
However, the media company reaffirmed full-year operating income in the range of $400 million to $414 million after last-month cost-cutting program of about $400 million.
The publishing company also estimated print and advertising revenues in the third quarter ending September to improve from 17% decline in the second-quarter after magazine circulation revenue dropped 12%.