UPDATE: CarMax Posts Upbeat Results, Shares Jump

Shares of CarMax

jumped more than 11% in pre-market trading after the company reported upbeat results for the first quarter. CarMax posted its quarterly profit of $169.7 million, or $0.76 per share, versus a year-ago profit of $146.7 million, or $0.64 per share. Its sales climbed to $3.75 billion from $3.31 billion. However, analysts were expecting earnings of $0.67 per share on sales of $3.598 billion. Total wholesale unit sales gained 9.9%. CarMax's total used vehicle unit sales jumped 9.8%, while same-store used unit sales climbed 3.4% in the quarter. Income from CarMax's auto finance business increased 8.7% to $94.6 million in the period. Total gross profit jumped 12.0% to $501.7 million, while used vehicle gross profit gained 9.9%. CarMax opened 4 stores during the first quarter of fiscal 2015. The company's press release offered the following comment from Tom Folliard, president and chief executive officer: “We had another great quarter, hitting an all-time record level of quarterly sales and earnings.” CarMax shares gained 11.35% to $50.42 in pre-market trading.