Carvana Stock Climbs On Q4 Earnings, Company Says It's 'Stronger Than Ever'

Carvana Co CVNA reported fourth-quarter financial results Thursday after the bell. Here’s a look at the key metrics from the quarter.

Q4 Earnings: Carvana reported fourth-quarter revenue of $2.424 billion, which missed the consensus estimate of $2.528 billion, according to Benzinga Pro. The company reported quarterly loss of $1 per share, which missed analyst estimates for a loss of 88 cents per share.

Carvana sold 76,090 vehicles in the fourth quarter and 312,847 for the full year. Gross profit per vehicle in 2023 came in at $5,984, up $2,489 from the prior year.

“2023 was an exceptional year for Carvana, where our deliberate focus on efficiency and profitability drove fundamental business improvements that not only led to our best-ever financial results but also increased customer NPS throughout the year,” says Ernie Garcia, founder and CEO of Carvana.

Outlook: Carvana expects retail units sold in the first quarter to be “slightly up” on a year-over-year basis. The company anticipates first-quarter adjusted EBITDA “significantly above” $100 million.

“Carvana is stronger than ever. We are beginning to demonstrate the differentiated profitability, efficiency and customer experience benefits of our vertically integrated approach, and have a clear path toward our goals of becoming the largest and most profitable automotive retailer and buying and selling millions of cars,” Garcia said.

Management will hold a conference call to discuss these results at 5:30 p.m. ET.

Don’t Miss This: Carvana Analysts Cast Shadow Over Q4 Earnings: ‘Less Opportunity For Upside Surprise’

CVNA Price Action: Carvana shares were up 16.3% after hours at $61.60 at the time of publication, according to Benzinga Pro.

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