Car-Mart Closes Dealerships In Bethel Heights, Jacksonville, Opens Two Others

America’s Car-Mart closed two Arkansas dealerships, but opened one in the state and another in Kentucky as the company continues to focus on training and recruiting managers.

On Monday (Feb. 19), the Bentonville-based buy here, pay here used car dealer reported third-quarter earnings per share rose 71.4% to 60 cents, excluding a $9.7 million tax reform benefit and a $1.1 million bonus paid to former CEO Hank Henderson. Sales for the quarter that ended Jan. 31 increased 5.7% and total revenue, which includes sales and interest income, rose 6.1% to $147.214 million.

In a company update, equity analysts John Hecht and Kyle Joseph, both of Jefferies, were encouraged by “continued signs of credit stability and favorable topline trends including a pickup in units sold and generally stable margins.” Jefferies maintains a hold on the stock and has a 12-month target price of $49. As of midday Tuesday, shares of Car-Mart (NASDAQ: CRMT) were at $47.80, up $1.55 or 3.35%. In the past 52 weeks, shares have traded between $49.40 and $30.20.   MORE

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