Bentonville-based used car dealer America's Car-Mart saw its shares gain more than 10% in trading Tuesday, a day after it released a strong earnings report after market close.
Shares closed at $99.96, up $9.24 or 10.2%, in trading Tuesday on the Nasdaq exchange. Shares have traded as low as $66.26 and as high as $104.05 over the past year.
In a conference call Tuesday with analysts, Car-Mart's Chief Executive Officer Jeff Williams said the company's focus on the basics resulted in a good, solid quarter. He said Car-Mart's success is the result of selling its customers quality cars, at lower interest rates, and with shorter loan terms.
Vickie Judy, Car-Mart's chief financial officer, said the quarter was helped by Car-Mart's strong inventory, which provided good vehicle quality and selection to its customers.
Car-Mart posted profits of $13.9 million, or $2 per share, in its second quarter, ended Oct. 31, for its fiscal year 2020, up 23% from the same quarter a year ago. Revenue was $190 million, a new record, and up nearly 14% from the second quarter of fiscal 2019.
Car-Mart operates 145 dealerships in Alabama, Arkansas, Georgia, Indiana, Iowa, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee and Texas.
Business on 11/20/2019
Print Headline: Car-Mart surges 10.2% on earnings