RTTNews | Jun 25, 2021 11:46AM EDT

11:45 Friday, June 25, 2021 (RTTNews.com) - Virginia-based used car selling company, CarMax, Inc (KMX) is up 7% on Friday after reporting a strong profit for the first quarter.

The company posted a net income of $4.3 million or $2.63 per share against $0.04 million or $0.03 per share last year. The earnings per share also topped the analyst estimates of $1.63.

The revenue posted by the company was $7.7 billion, up 138% year-over-year, fuelled by an increase in the sale of used cars.

The President and CEO of the company Bill Nash said "With the most customer-centric experience in our industry, a highly profitable operating and financial model, and significant opportunities to grow our existing businesses and expand across the broader used auto ecosystem, we remain confident in our ability to meet our long-term targets of revenue growth, total unit growth, and market share gains."

The shares are currently trading at $127.19, up $7.76 or 6.50% from their previous close at $119.43 on Thursday. The shares opened at $125.68 in the morning and in the 52-week period, the shares have ranged between $84.70 and $138.77.

Read the original article on RTTNews ( https://www.rttnews.com/3205151/carmax-up-7-on-strong-q1-results.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved