The online used car retailer reported retail sales of 187,393 units, a 40% increase compared with a year earlier.
In this article
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:
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.
Oppenheimer believes that Carvana could continue growing its market share within the used-car space, further helping drive sales.
Barclays sees shares of Carvana rising 19% from here.
Wedbush's updated price target of $400 implies a 29% upside for shares of Carvana.
Michael Khouw breaks down how to trade Carvana through options going forward.
Carvana is likely to notch less growth this year due to worsening macroeconomic conditions tied to the Iran war, per Bank of…
Firm questions related-party arrangements as online auto dealer surged in profitability
