{"id":26709,"date":"2023-06-23T19:30:06","date_gmt":"2023-06-23T23:30:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/carmax-stock-jumps-after-the-used-car-sellers-earnings-and-sales-top-estimates\/"},"modified":"2023-06-23T19:30:07","modified_gmt":"2023-06-23T23:30:07","slug":"carmax-stock-jumps-after-the-used-car-sellers-earnings-and-sales-top-estimates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26709","title":{"rendered":"CarMax Stock Jumps After the Used Car Seller’s Earnings and Sales Top Estimates"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings.<\/p>\n

The stock jumped 10% on Friday, making it the
\n S&P 500
\n \u2018s biggest gainer for the session and putting CarMax on pace for its largest percent increase since April 2020.\u00a0<\/p>\n

\n

For its fiscal first quarter ended in May, CarMax (ticker: KMX) posted earnings of $1.44 per share, which included a one-off gain of 28 cents a share from a legal settlement, and trounced the Wall Street estimate for 79 cents a share. Excluding that benefit, earnings were $1.16 per share, compared with $1.56 in the year-ago quarter.<\/p>\n

Revenue came in at $7.69 billion, down about 17% from the year-ago period, but beating Wall Street estimates for $7.49 billion. Comparable-store used-unit sales declined 11.4% in the period, an improvement from declines of 22.4% and 14.1% in the fiscal 2023 third and fourth quarters, respectively. <\/p>\n

Cost savings helped lift the used-car seller\u2019s results. Excluding the legal settlement benefit, selling, general and administrative expenses\u2014which measure total costs\u2014decreased 5.7% from the prior year\u2019s quarter. SG&A has been falling year over year for the past two quarters, according to FactSet.<\/p>\n

CarMax reduced costs in the quarter by pausing its share buybacks, lowering its staffing levels, cutting advertising spending, among other measures.<\/p>\n

Like other auto sector companies, CarMax continues to deal with higher interest rates that have put off customers from buying vehicles at already elevated prices. <\/p>\n

CEO William Nash, in a call discussing earnings on Friday, said \u201cthe overall used market obviously is still\u00a0depressed,\u201d although the market is starting to \u201cgo back to the old normal.\u201d <\/p>\n

Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on Friday, making it the S&P 500 \u2018s biggest gainer for the session and putting CarMax on pace for its largest percent increase since April 2020.\u00a0 For its fiscal first quarter ended in May, […]<\/p>\n","protected":false},"author":1,"featured_media":26710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-26709","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=26709\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=26709\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-23T23:30:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-23T23:30:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687563006_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26709#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26709\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"CarMax Stock Jumps After the Used Car Seller’s Earnings and Sales Top Estimates\",\"datePublished\":\"2023-06-23T23:30:06+00:00\",\"dateModified\":\"2023-06-23T23:30:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26709\"},\"wordCount\":289,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=26709#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26709\",\"url\":\"https:\/\/ifintechworld.com\/?p=26709\",\"name\":\"CarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-23T23:30:06+00:00\",\"dateModified\":\"2023-06-23T23:30:07+00:00\",\"description\":\"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=26709#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=26709\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=26709#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CarMax Stock Jumps After the Used Car Seller’s Earnings and Sales Top Estimates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld","description":"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=26709","og_locale":"en_US","og_type":"article","og_title":"CarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld","og_description":"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on","og_url":"https:\/\/ifintechworld.com\/?p=26709","og_site_name":"iFintechWorld","article_published_time":"2023-06-23T23:30:06+00:00","article_modified_time":"2023-06-23T23:30:07+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687563006_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=26709#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=26709"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"CarMax Stock Jumps After the Used Car Seller’s Earnings and Sales Top Estimates","datePublished":"2023-06-23T23:30:06+00:00","dateModified":"2023-06-23T23:30:07+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=26709"},"wordCount":289,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=26709#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=26709","url":"https:\/\/ifintechworld.com\/?p=26709","name":"CarMax Stock Jumps After the Used Car Seller's Earnings and Sales Top Estimates | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-23T23:30:06+00:00","dateModified":"2023-06-23T23:30:07+00:00","description":"CarMax, the used-car seller, topped analyst expectations for its latest quarterly earnings, largely thanks to cost savings. The stock jumped 10% on","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=26709#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=26709"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=26709#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"CarMax Stock Jumps After the Used Car Seller’s Earnings and Sales Top Estimates"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26709"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26709\/revisions"}],"predecessor-version":[{"id":26711,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/26709\/revisions\/26711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/26710"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}