Categories AlphaGraphs, Consumer, Earnings

CarMax (KMX) Q1 profit drops but beats estimates; revenue up 21%

Used car retailer CarMax, Inc. (NYSE: KMX)  on Friday reported a sharp decline in first-quarter earnings, despite a double-digit increase in revenues. The bottom-line performance was negatively impacted by higher costs.

CarMax Q1 2022 earnings infographic

Net income decreased to $252.3 million or $1.56 per share in the first quarter of 2023 from $436.8 million or $2.63 per share in the same period of 2022. The latest number topped expectations.

The bottom line was hurt by an increase in operating expenses and higher provision for loan losses, which was partially offset by a 21% increase in revenues to $9.3 million. Analysts had predicted a slower growth.


Read management/analysts’ comments on quarterly earnings


“For the past several years, our priorities and investments have focused on building a leading e-commerce platform that integrates buying and selling cars with our best-in-class store experience. All of our retail customers are now able to transact online on their own,” said Bill Nash, chief executive officer of CarMax.

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

Most Popular

Earnings Preview: Salesforce (CRM) likely to report higher Q4 revenues and profit

Customer relationship management platform Salesforce, Inc. (NYSE: CRM) will be publishing its fourth-quarter 2024 results next week, amid expectations for a year-over-year increase in revenues and earnings. Of late, the

What to expect when Macy’s (M) reports Q4 2023 earnings results

Shares of Macy’s, Inc. (NYSE: M) rose over 2% on Friday. The stock has gained 31% over the past three months. The retailer is scheduled to report its fourth quarter

Earnings Summary: Warner Bros. Discovery (WBD) reports Q4 2023 results

Warner Bros. Discovery (NASDAQ: WBD), a leading media and entertainment company, has reported financial results for the fourth quarter of 2023. Q4 revenue was $10.28 billion, down 7% from the

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top