CRMT - Why America's Car-Mart Stock Just Crashed 17%
2023-12-05 14:40:33 ET
America's Car-Mart (NASDAQ: CRMT) stock turned into a one-car pileup on the Nasdaq freeway on Tuesday as its stock tumbled 17.2% through 2 p.m. ET after reporting a surprise Q2 loss.
Heading into its fiscal Q2 2024, analysts were thinking things were looking pretty good for America's Car-Mart, forecasting a $0.78-per-share profit on sales of $363.7 million. Imagine their surprise when the company just barely missed on sales ($361.6 million), but then reported an eye-popping $4.30 loss for the quarter.
The news wasn't all bad. Despite missing on sales and selling 4.6% fewer cars in fiscal Q2 2024 than it had sold in fiscal Q2 2023 a year ago, America's Car-Mart still managed to grow its revenue nearly 3% in the quarter. Plus, gross profit margin on sales expanded by 220 basis points to 34.3%.
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Why America's Car-Mart Stock Just Crashed 17%