CarMax Inc. KMX posted first-quarter fiscal 2021 (ended May 31, 2020) net earnings per share of 3 cents against the Zacks Consensus Estimate of a loss of 6 cents. The outperformance can be attributed to higher-than-expected revenues from used vehicles. Precisely, used-vehicle sales totaled $2786.2 million, surpassing the consensus mark of $1,281 million. A profit of $1.59 per share was reported in the year-ago quarter.Net sales in the reported quarter decreased 39.8% year over year to $3,228.8 million. The top line, however, beat the Zacks Consensus Estimate of $2,607 million. Total gross profit slid 52.3% year over year to $354.2 million.In first-quarter fiscal 2021, CarMax opened four stores in its existing markets, Tampa, Philadelphia, New Orleans and Los Angeles.CarMax, Inc. Price, Consensus and EPS Surprise CarMax, Inc. price-consensus-eps-surprise-chart | CarMax, Inc. QuoteSegmental PerformanceDuring the quarter under review, CarMax’s used-vehicle sales declined 38.6% from the prior-year period to $2,786.2 million due to store closures and lower footfall amid coronavirus-induced lockdown. The units sold fell 39.8% year over year to 135,028 vehicles. The average selling price of used vehicles increased 1.5% from the year-ago quarter to $20,346. Used-vehicle gross profit per unit came in at $1,937 compared with $2,215 in the year-ago period. Comparable store used-vehicle units and revenues dropped 41.8% and 40.8%, respectively, from the prior-year level.Wholesale vehicle revenues plummeted 48.2% from the year-ago period to $342.9 million in the reported quarter. Units sold also plunged 47.6% year over year to 63,295 vehicles due to lower traffic and a reduction in the appraisal buy rate. The average selling price of wholesale vehicles was down 2% from the prior-year quarter to $5,110. Wholesale vehicle gross profit per unit came in at $978 versus $1,043 in the year-ago period.Other sales and revenues decreased 38.9% year over year to $99.7 million in the fiscal first quarter, primarily owing to a reduction in extended protection plan revenues, which declined 34.1% from the year-ago level to $73.4 million.CarMax Auto Finance reported a 56.1% year-over-year plunge in income to $51 million in the quarter amid higher loan loss provision.Provision for loan losses increased to $122 million from $38.2 million in the prior year quarter.Costs, Financials and Share BuybackSelling, general and administrative expenses fell 23.7% from the prior-year quarter to $373.7 million. CarMax had cash and cash equivalents of $658 million as of May 31, 2020 and $1.08 billion of unused capacity on the credit revolver. Long-term debt amounted to $1,705.1 million, reflecting a decrease from $1,789.5 million in the year-ago period.In the wake of coronavirus-induced uncertainty, CarMax tapped brakes in the stock buyback program. Prior to suspension of buybacks, the firm spent $40.7 million to repurchase 515,500 shares during first-quarter fiscal 2021. As of May 31, 2020, it had $1.51 billion remaining under the share-repurchase authorization.Zacks Rank & Stocks to ConsiderCarMax currently carries Zacks Rank #3 (Hold).Some better-ranked stocks in the same sector include Tesla, Inc. TSLA, Arcimoto, Inc. FUV and Niu Technologies NIU, each carrying a Zack Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Shares of the company have appreciated 140% year to date compared with the industry’s 38.9% rally.Shares of Arcimoto have gained 121.7% year to date against the industry’s 13.7% decline.Shares of Niu have gained 68.2% year to date against the industry’s 13.4% fall.5 Stocks to Soar Past the Pandemic: In addition to the companies you learned about above, we invite you to learn about 5 cutting-edge stocks that could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of the decade.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA): Free Stock Analysis Report CarMax, Inc. (KMX): Free Stock Analysis Report Arcimoto, Inc. (FUV): Free Stock Analysis Report NIU TECHADR (NIU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research