Carvana Stock Jumps On Q1 Earnings: Revenue Beat, Vehicles Sold Up 16%, Strong Guidance And More

Carvana Co CVNA reported financial results for the first quarter Wednesday after the bell. Here’s a look at the key metrics from the quarter.

Q1 Earnings: Carvana reported first-quarter revenue of $3.061 billion, which beat the consensus estimate of $2.673 billion, according to Benzinga Pro. The company reported adjusted EBITDA of $235 million.

Carvana sold 91,878 vehicles in the fourth quarter, up 16% on a year-over-year basis.

“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,” said Ernie Garcia, founder and CEO of Carvana.

“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.”

Outlook: Carvana anticipates a sequential increase in its year-over-year growth rate in retail units in the second quarter. The company also expects a sequential increase in adjusted EBITDA.

Carvana also noted it now expects to “comfortably deliver” on its outlook of year-over-year growth in retail units sold and adjusted EBITDA for full-year 2024.

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

CVNA Price Action: Carvana shares were up 34.34.% after hours at $117 at the time of publication Wednesday, according to Benzinga Pro.

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