Carvana (CVNA) earnings Q1 2024 [Video]

Shares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.

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

• Earnings per share: 23 cents — it was not immediately clear if it was comparable to the loss of 74 cents expected
• Revenue: $3.06 billion vs. $2.67 billion expected

Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.

The company’s gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana’s adjusted EBITDA profit margin for the quarter was 7.7%.

Carvana’s net income included a roughly $75 million gain in …