America’s Car-Mart Inc. posted a 54 percent increase in first-quarter profit that sent share prices up nearly 18 percent Friday morning.
The Bentonville-based used-car dealer, reporting late Thursday, earned $7.1 million, or 87 cents per share, for the quarter that ended July 31, compared to $4.61 million, or 52 cents per share, a year earlier.
The company beat the average earnings estimate of 46 cents per share, according to analysts surveyed by Thomson Reuters.
Revenue, from both sales and interest income, rose 2.2 percent to $145.8 million.
The company focuses on the “buy here, pay here” segment of the used-car market, providing financing for most of its customers. Operating in 11 states in the South and Midwest, Car-Mart opened its 147th dealership Dec. 18 in Milledgeville,... [ MORE ]