CarMax misses 2Q earnings expectations, tops revenue forecasts

MarketsAssociated Press

CarMax Inc. (KMX) on Tuesday reported fiscal second-quarter profit of $154.5 million.

On a per-share basis, the Richmond, Virginia-based company said it had profit of 70 cents. Earnings, adjusted for non-recurring gains, came to 64 cents per share.

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The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The used car dealership chain posted revenue of $3.6 billion in the period, exceeding Street forecasts. Analysts expected $3.55 billion, according to Zacks.

CarMax shares have increased 13 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 8 percent. The stock has climbed almost 4 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. A stock research report on KMX from Zacks is available at: http://www.zacks.com/ap/KMX

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Keywords:CarMax,Earnings Report