CarMax Stock Slips On Lower Earnings, Revenue

Shares of used vehicle retailer CarMax, Inc. (KMX) are falling more than 10% Thursday morning after reporting lower earnings as well as revenue in the second quarter.

Net earnings in the second quarter dropped to $118.6 million or $0.75 per share from $125.9 million or $0.79 per share last year, due to lower used vehicle sales. Analysts on average, polled by Thomson-Reuters were expecting earnings of $0.78 per share.

Revenue for the quarter declined 13.1% year-on-year at $7.1 billion. The consensus estimate was for $7.03 billion.

KMX, currently at $71.14, has traded in the range of $52.10 – $87.50 in the last 1 year.

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