By Connor Hart

Carvana said profit and revenue rose in the first quarter, boosted by higher car sales.

The online used-car seller on Wednesday posted a profit of $373 million, or $1.51 a share, compared with $49 million, or 23 cents a share, a year earlier.

Quarterly earnings of $1.51 a share topped analyst expectations for earnings of 57 cents a share, according to FactSet.

Revenue jumped 38% to $4.23 billion. Analysts expected sales of $4 billion.

The company said it sold 133,898 retail units in the recent quarter, up 46% from the prior year.

Chief Executive Ernie Garcia said the company is well positioned for future quarters, noting it has "very clear visibility to even stronger financial performance, much larger scales, and even better customer experiences."

For the second quarter, Carvana said it expects a sequential increase in both retail units sold and adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization.

The company remains on track to deliver what it called significant growth in both retail units sold and adjusted Ebitda in 2025.

The company noted that new or increased tariffs, as well as changes in the prices of new and used vehicles, could affect its forward-looking statements.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 07, 2025 16:05 ET (20:05 GMT)

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