Benzinga | Sep 30, 2021 12:20PM EDT

Why CarMax Shares Are Hitting The Brakes Today

CarMax Inc (NYSE:KMX) is trading lower Thursday after the company announced worse-than-expected second-quarter fiscal 2022 earnings results.

CarMax reported quarterly earnings of $1.72 per share, which came in below the estimate of $1.89 per share. The company reported quarterly revenue of $7.99 billion, which beat the estimate of $6.85 billion.

CarMax sold 419,895 units through its retail and wholesale channels during the quarter, representing a 19.9% increase year-over-year.

"We continue to make investments in growth and innovation for our customers' benefit and remain on track to bring our fully self-service online experience to all of our retail consumers by the end of the fiscal year," said Bill Nash, president and CEO of CarMax.

CarMax sells, finances and services used and new cars.

KMX Price Action: CarMax has traded as high as $147.73 and as low as $84.70 over a 52-week period.

The stock was down 11.6% at $129.50 at time of publication.

Photo: courtesy of CarMax.