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Carvana Co (NYSE:CVNA) reported second-quarter financial results Wednesday after the bell. Here’s a rundown of the report.
Q2 Earnings: Carvana reported second-quarter revenue of $3.41 billion, beating the consensus estimate of $3.244 billion, according to Benzinga Pro. The used car retailer reported quarterly earnings of 14 cents per share, beating analyst estimates for a loss of 12 cents per share.
Carvana sold 101,440 vehicles in the first quarter, up 33% on a year-over-year basis, which helped revenue jump 15% year-over-year.
Net income was $48 million and net income margin was 1.4% in the second quarter. Carvana reported operating income of $259 million and adjusted EBITDA of $355 million.
“Carvana’s second-quarter results clearly demonstrate the differentiated strength of our customer offering and business model. We not only led the industry in retail unit growth, which accelerated from Q1, but also delivered 1.4% Net Income margin and a new record 10.4% Adjusted EBITDA margin, which sets an all-time high-water mark for public automotive retailers,” said Ernie Garcia, founder and CEO of Carvana
“We couldn’t be prouder of our team and remain just as ambitious looking forward as we tackle the many opportunities to make our business and customer offering even better as we drive toward buying and selling millions of cars per year.”
Outlook: Carvana anticipates a sequential increase in retail units sold in the third quarter compared to the second quarter. The company expects full-year 2024 adjusted EBITDA of $1 billion to $1.2 billion, versus $339 million in full-year 2023.
Management will hold a conference call to discuss its quarterly results at 5:30 p.m. ET.
CVNA Price Action: Carvana shares were up 10.33% after hours at $146.99 at the time of publication Wednesday, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: CVNA
