Carvana stock pops as used car retailer reports record first-quarter results

Carvana stock pops as used car retailer reports record first-quarter resultsIn an aerial view, a sign is posted on the exterior of a Carvana car vending machine on July 19, 2023 in Daly City, California.Shares of Carvana jumped by as much as 10% in extended trading after the company reported record results during the first quarter that topped Wall Street's expectations.

Here's how the company performed in the first quarter, compared with average estimates compiled by LSEG:

• Earnings per share: $1.69 vs. $1.43 expected
• Revenue: $6.43 billion vs. $6.08 billion expected

The online used car retailer reported adjusted earnings before interest, taxes, depreciation and amortization of $672 million, and net income of $405 million, up from $373 million a year earlier.

Carvana reported retail sales of 187,393 units, a 40% increase compared with a year earlier. Its revenue was $6.43 billion, up 52% from a year ago.

The company does not release annual guidance but said it expects sequential increase in both retail units sold and adjusted EBITDAduring the second quarter, leading to all-time company records on both metrics.

Shares of Carvana, which has a roughly $87 billion market cap, are off 6% in 2026, but are roughly 63% higher over the past year.

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