Carvana Co (NYSE:CVNA) reported first-quarter financial results Wednesday after the bell. Here’s a rundown of the used car retailer’s report.
Q1 Earnings: Carvana reported first-quarter revenue of $4.23 billion, beating the consensus estimate of $3.98 billion. The company reported first-quarter earnings of $1.51 per share, smashing analyst estimates of 60 cents per share.
Carvana has now exceeded analyst estimates on the top and bottom lines in five consecutive quarters, according to Benzinga Pro.
Total revenue increased 38% year-over-year after Carvana sold 133,898 vehicles in the first quarter. Vehicle sales were up 46% on a year-over-year basis.
“In Q1, Carvana set a new record for retail units while also driving record profitability and hitting our highest customer net promoter score in nearly three years,” said Ernie Garcia, co-founder and CEO of Carvana.
“We are incredibly well-positioned for the path ahead and have very clear visibility to even stronger financial performance, much larger scales, and even better customer experiences.”
Guidance: Carvana expects a sequential increase in retail units sold and adjusted EBITDA in the second quarter. The company said it remains on track to deliver “significant growth” in both retail units sold and adjusted EBITDA in full-year 2025.
“After four consecutive quarters of over 30% retail unit growth paired with Adjusted EBITDA margins consistently within its long-term financial model range, the company announced its next management objective: to sell 3 million retail units per year at an Adjusted EBITDA margin of 13.5% within five to 10 years,” the company said in the earnings release.
Carvana’s management team will further discuss the quarter on a call with investors and analysts at 5:30 p.m. ET.
CVNA Price Action: Carvana shares were down 5.43% after-hours, trading at $246 at the time of publication Wednesday, according to Benzinga Pro.
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