CarMax Rises as First-Quarter Profit Tops Analysts’ Estimates |
| BusinessWeek - Jun 23, 2010 |
CarMax Inc., the largest U.S. seller of used cars, rose the most in nine months after first-quarter profit topped analysts’ estimates.
CarMax climbed $1.45, or 7.3 percent, to $21.45 at 10:29 a.m. in New York Stock Exchange composite trading. The shares earlier increased as much as 10 percent, the biggest intraday gain since Sept. 22.
Profit in the period ended May 31 more than tripled from a year earlier to $101.1 million, or 44 cents a share, Richmond, Virginia-based CarMax said today in a statement. The average estimate of 15 analysts surveyed by Bloomberg was 33 cents.
Same-store sales gained 9 percent amid a “gradual” rebound in customer traffic, Chief Executive Officer Thomas Folliard said in the statement. CarMax was chosen to replace XTO Energy Inc. in the Standard & Poor’s 500 Index, S&P said yesterday on its website.
Read Full Article from BusinessWeek
- Posted: 2010-06-23 10:35:46
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