By Denny Jacob
America's Car-Mart logged higher-than-expected revenue in its latest quarter though the metric declined from the prior year.
The auto dealership operator swung to net income of $5.1 million, or 61 cents a share, for the second quarter ended Oct. 31, from a loss of $27.5 million, or $4.30 a share, a year earlier.
Stripping out one-time items, the company recorded a loss of 24 cents a share. Analysts polled by FactSet had expected a loss of 23 cents a share.
Revenue declined 3.5% to $347.3 million from $359.8 million. Analysts polled by FactSet had expected $338.3 million.
America's Car-Mart said the decline in revenue was primarily driven by a decrease in retail units sold, though that was partially offset by an increase in interest income and a $13.2 million benefit in service contract revenue.
"We improved deal structures, generated higher down payments, and benefited from higher collections and gross margins," said Chief Executive Doug Campbell.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 05, 2024 07:51 ET (12:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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