News Update: CarMax Soars on Strong Q1 Results Gaining on Favorable Auto Finance Provision

Jun 23, 2010 — CarMax Inc (KMX) is soaring before the bell on the back of strong earnings results for the first quarter.

The used car group reported earnings rising to .11 million, or 44 cents a share, from .7 million, or 13 cents a share, during the same period a year ago. Sales rose 23% to .26 billion. Analysts polled by FactSet Research had expected on average earnings of 33 cents a share on sales of .09 billion.

The company said it benefitted from unexpected favorability in auto finance provision for loan losses expectations by about 3 cents a share.

CarMax has traded between .06 and .50 over the past 12 months.

Companies: CarMax Inc.
Price: 22.00 Price Change: +2.00 Percent Change: +10.00