5 Key Earnings Reports to Watch

3. CarMax, Inc. (NYSE:KMX)

Number of Hedge Fund Holders: 39

Shares of CarMax, Inc. (NYSE:KMX) fell more than 12 percent on Thursday, 30 September 2021, after the company reported lower-than-expected earnings for its fiscal second quarter. The retailer of used vehicles reported earnings of $1.72 per share for the three months ended 31 August 2021, missing the consensus forecast of $1.89 per share.

CarMax, Inc. (NYSE:KMX) had reported earnings of $1.79 per share in the comparable period of 2020. On the bright side, revenue for the quarter climbed 48.7 percent on a year-over-year basis to $8 billion, ahead of analysts’ average estimate of $6.85 billion.

In addition, CarMax, Inc. (NYSE:KMX) sold 419,895 units through both its retail and wholesale channels, up nearly 20 percent from the year-ago quarter. In comparison, vehicle purchases in the quarter jumped 59 percent to 364,263 units.

Commenting on the results, CEO Bill Nash said:

“Our omni-channel platform, in combination with our unique customer offerings, industry expertise and solid execution, drove performance across our diversified business and led to a record level of used sales for the second quarter and an all-time record for wholesale vehicle sales.”