CarMax (KMX) Shares Up 7% On Strong Results

Shares of CarMax Inc (NYSE: KMX) are trading up more than 7% at $25.91 per share on Wednesday afternoon. The day's trading range for shares of CarMax Inc has been between $24.95 and $26.15 per share and the stock is near its 52 week high of $26.50. Analysts covering the company's stock have a consensus price target of $25.62 per share.Earlier this morning, the Richmond, Virginia based used car dealer chain announced earnings that beat Wall Street estimates and strong revenue growth.CarMax (KMX) reported 2nd quarter net income of $107.9 million, or 48 cents per share, which was well above the average analyst estimate of 40 cents per share. The company also reported that its revenue climbed 13% to $2.34 billion, up from $2.08 billion a year earlier.President and chief executive officer Tom Folliard said, “We are extremely pleased to deliver record profits, with strong contributions from across our business model, despite what remains a challenging sales environment.” Volume of 6.9 million shares is already nearly double the daily average volume of 3.5 million shares.Read more from Benzinga's Company news.