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CarMax Stock Drops 6% Despite Q2 Beat
Sep 26, 2024 12:39 PM - Davit Kirakosyan
Image credit: FMP
CarMax (NYSE:KMX) shares dropped over 6% in pre-market today despite the used vehicle retailer reporting stronger-than-expected revenue for fiscal Q2 2025.
The company posted quarterly earnings per share (EPS) of $0.85, aligning with analyst expectations. Net sales and operating revenue reached $7.01 billion, surpassing the Street estimate of $6.82 billion.
Used vehicle sales totaled $5.68 billion, marking a 1.5% year-over-year increase and beating the projected $5.44 billion. However, wholesale vehicle sales fell 13% year-over-year to $1.15 billion, slightly below the expected $1.2 billion.
CarMax President and CEO Bill Nash highlighted the company's ability to grow retail used unit sales, maintain strong margins, manage SG&A expenses, and achieve double-digit earnings growth, despite challenges from industry-wide auto loan loss pressures.
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