Soaring Used Car Prices Sent CarMax (KMX) Earnings Higher, Shares Surge on a 'Big Beat'
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Used-car retailer CarMax profit beats as stimulus checks drive demand
June 25, 2021 6:59 AM EDT(Reuters) -Used-car retailer CarMax Inc topped Wall Street estimates for quarterly profit and revenue as people used their stimulus checks to buy personal vehicles, with public transport losing favor due to pandemic-driven health concerns.
Shares of the company were up 7.2% at $128 in morning trade on Friday, after it said retail used-unit sales doubled to 270,799 units in the first quarter.
Low interest rates, government stimulus and a preference for... More
CarMax (KMX) Tops Q1 EPS by $1.00
June 25, 2021 6:53 AM EDTCarMax (NYSE: KMX) reported Q1 EPS of $2.63, $1.00 better than the analyst estimate of $1.63. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $6.24 billion.
Long-Term Targets. In May, we introduced long-term targets of $33 billion in revenue and 2 million... More