CarMax Posts Loss

CarMax (NYSE:KMX), who counts Berkshire Hathaway (NYSE:BRK.A), (NYSE:BRK.B) as its largest shareholder reported a lost

CarMax Inc. on Friday said it swung to a third-quarter loss of $21.9 million, or 10 cents a share, from a profit of $29.8 million, or 14 cents a share in the year-ago period. Excluding a reduction of 12 cents a share tied to write-downs at CarMax Auto Finance and other items, the company earned 2 cents a share. The Richmond, Va. car retailer said revenue fell 23% to $1.46 billion.

Analysts expected earnings of 2 cents a share on revenue of $1.6 billion, according to a FactSet Research survey. "As a result of the unprecedented declines in traffic and sales and the continuing volatility in the asset-backed credit markets, we do not believe we can make a meaningful projection of fiscal 2009 earnings," CarMax said.