CarMax Declines In Pre-market As Quarterly Earnings Drop Below Estimates

(RTTNews) - Shares of used vehicle retailer CarMax, Inc. (KMX) are down more than 4% in pre-market on Tuesday after the company's fourth-quarter earnings decreased from last year, and missed the consensus estimates.

Net earnings in the fourth quarter decreased to $159.8 million or $0.98 per share from $209.95 million or $1.27 per share in the same quarter a year ago, on higher expenses. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share.

Revenue or the quarter, however, increased to $7.687 billion from $5.164 billion a year ago. The consensus estimate was for $7.5 billion.

KMX closed at $103.17, up $0.95 or 0.93% on Monday. It is currently trading in pre-market at $98.05.