America's Car-Mart Q3 EPS plunges to $0.23 from $2.82; credit losses spike

AMERICAS CARMART INC

2023-Q3 EPS reported $2.79 revenue$1,017,189,000

Revenue $327M (+13.7% YoY); EPS $0.23 vs $2.82 prior year, missing expectations.
Provision for credit losses 31.1% of sales (vs 24.8%); net charge-offs 5.9% of avg receivables (vs 4.8%).
Interest expense $9.8M (vs $2.9M) due to higher borrowings and rates; completed $400M securitization at 8.7% coupon.
Same-store unit sales +1.0%; active customers +6.0% to 99,577; gross profit per car $6,373 vs $6,447.
Acquired dealerships in Knoxville, TN and Taylor, TX; FY2024 capex guided to $15-20M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AMERICAS CARMART INC reported third quarter 2023 results: revenue $327 million, EPS $0.23.

Period: third quarter 2023
Revenue: $327 million
EPS: $0.23
Result: reported results

Exact text from the filing

Highlights Revenues of $327 million, up 13.7% vs. the prior year third quarter. Total retail unit sales increased 2.7% vs. the prior year third quarter. Same store retail unit sales increased 1.0% vs. the prior year third quarter. Sales volume productivity per store per month was 31.2 vs. 30.8 for the prior year third quarter. Gross profit per car sold was $6,373 compared to $6,447 1 for the prior year third quarter. Provision for credit losses as a percentage of sales was 31.1% compared to 24.8% 1 for the prior year third quarter. Net charge-offs as a percent of average finance receivables for the quarter were 5.9% compared to 4.8% 1 for the prior year third quarter. Interest income was up $12.1 million to $51.1 million, compared to $39.0 million for the prior year third quarter. SG&A was up $5.6 million vs. the prior year quarter, and SG&A per customer was $449 vs. $417 for the prior year third quarter. Interest expense was $9.8 million, compared to $2.9 million in the prior year thi

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Source: SEC EDGAR

accession 0001171843-23-001083

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