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CarMax Earnings: KMX Stock Rides 6% Lower on Q3 Miss

CarMax (NYSE:KMX) earnings for the used-car retailer’s third quarter of fiscal 2020 have KMX stock sliding lower on Friday. This is due to the company’s diluted earnings per share of $1.04. That misses Wall Street’s estimate of $1.16 for the quarter. However, its revenue of $4.79 billion is better than analysts’ estimates of $4.68 billion.

CarMax Earnings: KMX Stock Rides 6% Lower on Q3 Miss

Source: Jonathan Weiss / Shutterstock.com

Here’s what else is worth mentioning from the CarMax earnings report.

  • Adjusted EPS is down 4.59% from $1.09 in the third quarter of fiscal 2019.
  • Revenue comes in 11.40% higher than the $4.30 billion from the same period of the year prior.
  • The CarMax earnings report also has net income for the quarter coming in at $173.16 million.
  • That’s a 9.01% decrease from the company’s net income of $190.31 million reported during the same time last year.

Bill Nash, President and CEO of CarMax, has this to say about the KMX stock earnings.

“We are pleased with our strong unit sales growth this quarter. Our retail sales strength was a direct result of our ability to execute well, with solid performance in operations, financing, customer progression, and marketing all contributing to our growth. In addition, we benefited from a favorable underlying used car sales environment.”

The CarMax earnings report doesn’t mention its outlook for fiscal 2020. What the company does say is that it will report results for its final fiscal quarter of 2020 on Thursday, April 2, 2020, before markets open.

KMX stock was down 5.97% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/12/carmax-earnings-miss-drops-kmx-stock/.

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