Carmax (NYSE:KMX) stock is on the rise Friday following the release of the used-car company’s earnings report for its fiscal first quarter of 2024.
Investors are celebrating the company’s diluted EPS of $1.44. This is better than the 79 cents per share that Wall Street was expecting for the quarter — even if it is a drop from the $1.56 per share reported a year ago.
To go along with that, shareholders are also excited about the company’s revenue of $7.7 billion. Yet again, that’s above the analyst revenue estimate of $7.53 billion for the period, although it is a 17.4% year-over-year (YOY) drop.
Bill Nash, President and CEO of Carmax, said the following about the earnings results:
“Our deliberate actions are driving improved trends in the business, despite the challenging macro environment. Our unit performance in used, wholesale and consumer and dealer buys all improved sequentially from the year-over-year trends in the second half of fiscal year 2023. We also continued to deliver strong retail and wholesale gross profit per unit along with SG&A reductions.”
KMX Stock Movement Today
To go along with this earnings report, KMX stock is seeing heavy trading volume on Friday. This has more than 3.7 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 1.9 million shares.
KMX stock is up 9.1% as of Friday morning.
Investors seeking more of the most recent stock market news will want to stick around!
We’ve got all of the latest stock market news that traders need to know about on Friday. A few examples of that include what’s moving shares of Virgin Galactic (NYSE:SPCE), C3.ai (NYSE:AI) and Lucid Group (NASDAQ:LCID) stock. You can find out more on these matters at the links below!
More Stock Market News for Friday
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- LCID Stock Alert: Lucid Motors Just Hit a New 52-Week Low
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
