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UPDATE: CarMax Posts Downbeat Q3 Profit

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CarMax (NYSE: KMX) reported a gain in its third-quarter profit.

CarMax's quarterly profit surged to $106.5 million, or $0.47 per share, versus $94.7 million, or $0.41 per share, in the year-ago period.

Its revenue climbed to $2.9 billion from $2.6 billion. However, analysts were projecting earnings of $0.48 per share on revenue of $2.9 billion.

CarMax shares closed at $53.05 yesterday.

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