CarMax up after beating quarterly estimates
KMX•CarMax reported second-quarter revenue of $7.88 billion, above estimates of $7.01 billion, and profit of $1.16 per share versus expectations of 74 cents. Wholesale vehicle unit sales rose 14.7%, and the company plans to resume share repurchases in the third quarter.
1. Quarterly results
CarMax shares rose about 4% to $58.64 in premarket trading after the used car dealer beat second-quarter revenue and profit estimates. The company reported revenue of $7.88 billion and profit of $1.16 per share.
2. Sales and repurchases
CarMax said higher vehicle volumes, higher extended-protection-plan margins and lower provisions for loan losses helped its results. Wholesale vehicle unit sales increased 14.7%, and the company plans to resume share repurchases in the third quarter.
