America's Car-Mart Results Miss Estimates; Stock Down

(RTTNews) - Automotive dealer America's Car-Mart Inc (CRMT) Tuesday reported first-quarter net earnings to stockholders of $6.3 million or $0.68 per share compared with $8.8 million or $0.92 per share last year.

Revenues for the quarter were lower at $122.6 million compared with $125.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.78 per share on revenues of $133.44 million for the quarter. Analysts' estimates typically exclude special items.

Same store revenue for the quarter declined 7.1%, the company said.

Retail unit sales for the quarter slid 1.9% from last year to 10,565, and average retail sales price decreased 1.8% to $9,785.

Also impacting the resutls was net charge-offs, which as a percent of average finance receivables, was 8.3% for the quarter, up from 7.1% in the prior year. Provision for credit losses was higher at 25.3% of sales compared with 2.6% a year ago.

The company's stock closed Tuesday at $40.53, up $2.19 or 5.71%, on the Nasdaq. In after hours, the stock dropped $5.28 or 13.03% at $35.25.