CarMax (KMX) Revenue Climbs 13%, Beats Earnings Estimates

Richmond, Virginia based used vehicle dealer CarMax Inc KMX on Wednesday morning released financial results that beat Wall Street earnings expectations. CarMax Inc reported that its 2nd quarter net income rose to $107.9 million, or 48 cents per share, up from $103 million, or 46 cents per share, a year earlier. The company's revenue climbed 13% to $2.34 billion, up from $2.08 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 40 cents per share. CarMax Inc (KMX) ended the previous trading session at $24.12 per share. Analysts covering the company's stock have a consensus price target of $25.62 per share. President and chief executive officer Tom Folliard said, “We are pleased to report another quarter of solid increases in both used and wholesale unit sales. We are especially pleased with the strength of our comparable store used unit sales where, despite our toughest comparison in recent quarters, we still delivered positive comps.” Mr. Folliard also said, “We are extremely pleased to deliver record profits, with strong contributions from across our business model, despite what remains a challenging sales environment.” Read more from Benzinga's Company news.