In the midst of the extended trading session, Carvana Co. (NYSE: CVNA) has experienced a notable upsurge in its stock valuation, witnessing a significant leap of 32.36% to reach a commendable price point of $115.27. This surge comes on the heels of an impressive bullish performance during the regular trading period, marking an increase of 5.03% to stabilize at $87.09. The unveiling of its financial outcomes served as a driving force behind this surge in CVNA shares.
Following the closure of the market yesterday, Carvana (CVNA) came unveiling its financial results for the quarter concluded on March 31, 2024. CVNA showcased its most exemplary results in the annals of the company’s history, thereby affirming the long-held notion that the company’s online retail framework is not only capable of yielding top-tier profitability but also of furnishing unparalleled customer experiences within the industry.
Throughout the stipulated timeframe, Carvana managed to vend 91,878 retail units, marking a notable year-over-year increase of 16%, and amassed a total revenue of $3.061 billion, representing a year-over-year uptick of 17%, all while achieving new milestones in profitability.
These achievements culminated in CVNA reporting a Net Income of $49 million, accompanied by a Net Income margin of 1.6%. Furthermore, the Adjusted EBITDA stood at $235 million, with Carvana recording an Adjusted EBITDA margin of 7.7%, surpassing all publicly traded automotive retailers in the United States during the first quarter.
As the gaze shifts towards the second quarter of 2024, Carvana anticipates a sequential upswing in its year-over-year growth rate in retail units, along with a sequential increase in Adjusted EBITDA. Notably, Carvana possesses a physical infrastructure that is already primed for exponential growth.
Carvana boasts reconditioning facilities with the capacity to produce 1.3 million cars annually. Upon full realization, its 56 ADESA locations will augment its overall production capacity to roughly 3 million cars per year.
