Carvana Reports Strong First Quarter Results
Carvana Co (CVNA) reported its first-quarter financial results on Wednesday after the market close. The company exceeded analysts' expectations on both revenue and adjusted EBITDA.
Revenue: $3.061 billion (vs. $2.673 billion expected)
$235 million
91,878 (up 16% year-over-year)
"In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana’s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences. We reached new Q1 milestones for all key profitability metrics while also growing 16% year over year."
"With these strong results, significant fundamental margin opportunities ahead, and a nationwide infrastructure that can support multiples of our current scale, we have never been more confident in our opportunity to become the largest and most profitable automotive retailer and to buy and sell millions of cars."
Carvana anticipates continued growth in the second quarter, with both retail unit sales and adjusted EBITDA expected to increase sequentially. The company also reaffirmed its full-year 2024 outlook for year-over-year growth in these metrics.
Carvana shares surged 34.34% in after-hours trading following the earnings release.