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By Dhirendra Tripathi

Investing.com – CarMax (NYSE:KMX) rose more than 6% Friday as the company’s profit and sales numbers for the first quarter comfortably beat estimates.

Net earnings per diluted share for the quarter ended May 31 were $2.63, up from 3 cents in the year-ago quarter. Net revenue more than double to $7.7 billion, rising 138.4% from the same quarter a year ago.

The Street had estimated an EPS of $1.63 on revenue of $6.17 billion.

The company successfully contained its costs. Selling, general and administrative expenses, as a percent of gross profit was 59.9%, down from 91.7% in the same quarter a year ago.

The online retailer of used cars has benefited from a number of factors in recent months. People returning to work after the pandemic have been reluctant to use public transport, and a global shortage of semiconductors has crimped the availability of new models at dealerships across the U.S.

The demand for used cars has been so strong that prices have surged to record highs. Prices of used cars and truck prices climbed 7.3% in May after a surge of 10% in April, a 68-year record.

Used cars have been largely responsible for the rise in overall consumer prices in the last two months.

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