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CarMax Earnings: KMX Stock Falls 5% On Mixed Q1 Results

CarMax (NYSE:KMX) reported earnings for the first quarter of fiscal 2021, and the results have KMX stock falling down on Friday morning. This comes after reported revenue of $3.23 billion was above Wall Street’s estimate of $2.71 billion. Additionally, the company’s adjusted earning per share (EPS) of 3 cents per share is below analysts’ expectations of 4 cents during the quarter.

CarMax Earnings: KMX Stock Falls On Mixed Q1 Results

Source: Jonathan Weiss / Shutterstock.com

The company also reported GAAP EPS of 3 cents for the period.

Here is what else is worth mentioning from the most recent CarMax earnings report.

  • Per-share earnings were a 98.1% worse from EPS of $1.59 during Q1 2020.
  • Revenue for the quarter comes in 39.8% lower compared to $5.37 billion during the same time last year.
  • The CarMax earnings report also includes a net income of $4.98 million.
  • That’s 98.1% lower than $266.74 million from the first quarter of 2020.

Bill Nash, president and chief executive officer of CarMax, said this about the KMX stock earnings:

“We accomplished a lot this quarter, despite the challenges the pandemic posed. We continued our omni-channel rollout and launched new initiatives, such as contactless curbside pickup, a temporary extension of our 90-day warranty and CAF payment assistance to meet the near-term needs of our customers; we introduced social distancing and enhanced sanitation procedures; and we shifted our entire wholesale business from in-person to online auctions. In addition, we continued to keep our appraisal lanes open where possible for customers who wanted or needed to sell their cars.”

The company does not mention any sort of guidance for fiscal 2021. That said, we know what Wall Street is expecting. Analysts are looking for EPS of $2.69 on revenue of $16.65 billion for the year.

KMX stock was down 4.9% on Friday.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/06/carmax-earnings-kmx-stock-falls-5-on-mixed-q1-results/.

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