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CarMax Inc (NYSE:KMX) picked up in early trades even though profits fell in its latest quarter as investors decided the numbers weren't as bad as feared. Net earnings for the three months to end May 2024 dropped to $152.44 million, or $0.97 per share compared to $228.30 million, or $1.44 per share, over the same period a year ago.

CarMax (KMX) came out with quarterly earnings of $0.97 per share, missing the Zacks Consensus Estimate of $0.99 per share. This compares to earnings of $1.16 per share a year ago.

Retail used unit sales fall 3.1% from the prior year.

CarMax Inc.'s stock KMX, -0.20% was up 2% in premarket trading on Friday after the used-car seller's first-quarter profit was stronger-than-expected, while its sales missed estimates. CarMax's net income for the three months ended May 31 dropped by about a third to $152.4 million, or 97 cents a share, from $228.3 million, or $1.44 a share in the year-ago period, which included a legal-settlement payment of 28 cents a share.

CarMax reported an about 33% dip in its first-quarter profit on Friday, as lower margins from vehicles sold continued to impact the used-vehicle industry.

CarMax, Inc. KMX will release earnings results for its first quarter, before the opening bell on Friday.

As CarMax (KMX) prepares to release its fiscal Q1 earnings report, we take a look at the factors that will influence the results and evaluate whether the stock is a good buy now.

The Investment Committee discuss the latest Calls of the Day.

Beyond analysts' top -and-bottom-line estimates for CarMax (KMX), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended May 2024.

CarMax (KMX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.