CarMax Up 6% As Quarterly Earnings, Revenue Surpass Estimates

Shares of used vehicle retailer CarMax, Inc. (KMX) are up more than 6% Friday morning after reporting better-than-expected first-quarter results.

Revenue for the quarter increased 21% year-over-year to $9.3 billion.

Net earnings in the first quarter, however, declined to $252.27 million or $1.56 per share from $436.76 million or $2.63 per share in the same quarter a year ago, on higher cost of sales.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $1.49 per share on revenue of $9.06 billion.

KMX, currently at $97.96, has traded in the range of $84.37-$155.98 in the past 52 weeks.

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