Carvana (
Company's Performance
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 reported Vs. $2.67 billion expected
Carvana (
Carvana's (
Carvana’s net income included a roughly $75 million gain in the fair value of Carvana’s warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.
“In Q1, we delivered our best results in company history, validating our long-held belief that Carvana’s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,” Carvana CEO and Chairman Ernie Garcia III said in a release.
He reiterated that the company’s performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.
Carvana (
The company anticipates further cost reductions or efficiency gains to increase profitability through areas such as advertising as well as overhead and operational expenses.
Garcia said Carvana (
he told CNBC that “Acquiring inventories, generally speaking, feel relatively straightforward to scale, but growing the recondition capacity is difficult,”. “Inventory today is certainly tighter than we would like for it to be. We’re working hard to build it back up, but we’re extremely well-positioned to do it.”
Over the past two years, the results follow a major restructuring by the company to focus on profitability rather than growth, after bankruptcy concerns when Carvana’s stock lost nearly all of its value in 2022.
Carvana (
For Q2, Carvana (
Technical Outlook
Carvana (
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