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CarMax plunges on earnings miss, sales target delay

CarMax (KMX) shares fell sharply in early trading on Thursday. The used automotive retailer posted fourth quarter results that missed analyst estimates on both the top and bottom lines. The company is also pushing back its goal to sell 2 million units annually "to between fiscal year 2026 and fiscal year 2030 due to uncertainty in the timing of market recovery."

Yahoo Finance's Brad Smith recaps the results in the video above.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Stephanie Mikulich.

影片文字紀錄

BRAD SMITH: CarMax shares plunging, after saying uncertainty in the timing of the recovery in the market caused it to push back its financial target. The used car seller previously said it would reach two million combined retail and wholesale unit sales annually by 2026, but now expects to reach that goal between 2026 and 2030.

The company sold just over 765,000 vehicles in fiscal 2024, which was down over 5% from a year ago. Its combined total vehicle sales for fiscal 2024, which includes wholesale vehicles, came in just over $1.3 million. The results also driving shares of Carvana down this morning. There you're seeing both ticker symbol KMX, CarMax, that's down by about 13%. Right now, Carvana also down, CVNA is the ticker there, that's down by a little more than 3 and 1/2 percent.