America's Car-Mart, Inc. Reports Earnings Results for the First Quarter Ended July 31, 2023
September 05, 2023 at 08:30 am EDT
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America's Car-Mart, Inc. reported earnings results for the first quarter ended July 31, 2023. For the first quarter, the company reported sales was USD 311.57 million compared to USD 294.48 million a year ago. Revenue was USD 368.03 million compared to USD 338.82 million a year ago.
Net income was USD 4.19 million compared to USD 13.7 million a year ago. Basic earnings per share from continuing operations was USD 0.65 compared to USD 2.15 a year ago. Diluted earnings per share from continuing operations was USD 0.63 compared to USD 2.07 a year ago.
America's Car-Mart, Inc. is an automotive retailer in the United States. The Company operates in the integrated auto sales and finance segment of the used car market. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Companyâs products and services, including the actual servicing of the contracts, as well as the regulatory environment in which the Company operates, all have similar characteristics. The Companyâs operations are principally conducted through its two operating subsidiaries, Americaâs Car Mart, Inc., an Arkansas corporation (Car-Mart of Arkansas) and Colonial Auto Finance, Inc., an Arkansas corporation (Colonial). The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. The Company operates approximately 156 dealerships located primarily in small cities throughout the South-Central United States.