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DETROIT, March 31 (Reuters) - Auto retailer CarMax Inc. on Monday said its fourth-quarter net earnings were essentially flat over a year ago, as harsh winter weather hurt sales, but issued an upbeat forecast for the first quarter.
In trading early on Monday on the New York Stock Exchange, CarMax shares were up 47 cents or 3.31 percent at $14.66.
CarMax said it earned $19.1 million, or 18 cents per share in the quarter ended Feb. 28, vs. $18.4 million or 18 cents per share in the previous fourth quarter.
Excluding one-time items, the Richmond, Virgina-based retailer. which was spun off from Circuit City Stores last year, said its earnings also totaled 18 cents per share.
CarMax said it sees first-quarter earnings between 29 cents and 31 cents per share, compared with a Thomson First Call estimate of 28 cents per share. Earnings will be bolstered by growth between 5 percent and 9 percent in used-vehicle revenues, CarMax said.
CarMax also said it expects full-year 2004 earnings between $1.00 and $1.10. According to Thomson First Call, analysts see full-year earnings of $1.09 per share.
CarMax trimmed its profit outlook for the fourth quarter earlier this month, saying snowstorms across much of the country had cost it 3 to 4 percentage points in sales growth. It also said lower approval rates by two of its third-party lenders hurt sales.
Despite those warnings, CarMax said its fourth-quarter revenue rose 11 percent to $946.6 million from $855.1 million a year earlier.
"We are especially pleased to have met earnings expectations in the fourth quarter when sales were interrupted by unusually harsh winter weather in many of our markets," CarMax President and Chief Executive Austin Ligon said in a sstatement.
Analysts had expected fourth-quarter earnings at CarMax between 17 cents and 18 cents per share with the average estimate at 17 cents.