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CarMax Posts Higher Profits on Strong Used-Car Sales

Used car dealership chain CarMax says its fiscal second-quarter net income rose 4.8 percent as an uncertain economy continued to boost sales of previously owned vehicles.

The Richmond, Va.-based company said Wednesday it earned $107.9 million, or 48 cents per share, in the three months that ended Aug. 31. That’s up from $103 million, or 46 cents per share, a year ago.

It says revenue rose 13 percent to $2.34 billion on strong used car sales and higher prices.

The company beat Wall Street estimates. Thomson Reuters says analysts expected a profit of 40 cents per share on revenue of $2.27 billion.

CarMax Inc. runs more than 100 stores that mainly sell used cars and trucks.

RICHMOND, Va.

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