CarMax posts earnings well ahead of Wall Street estimates
Shares of CarMax Inc. KMX, +2.38% rallied 4.0% in premarket trading Tuesday, after the used car seller reported fiscal fourth-quarter profit that was more than double what was expected even as revenue that fell well short of expectations citing “vehicle affordability challenges.” Net income for the quarter to Feb. 28 fell to $69.0 million, or 44 cents a share, from $159.8 million, or 98 cents a share, in the year-ago period. That beat the FactSet consensus of 20 cents. Revenue declined 25.
53 billion and wholesale vehicle sales dropped 41.6% to $1.03 billion. Same-store sales were down 14.1%, compared with expectations of an 11.9% decline. Retail gross profit per used vehicle rose $82, or 3.7%, to $2,277.
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