Shares of Carvana Co. (NYSE: CVNA) skyrocketed in morning trading at the time of publishing on Thursday after the online used car retailer raised its second-quarter outlook and expects to report adjusted EBITDA above $50 million with adjusted total gross profit per unit (GPU) to be above $6,000, up by 63% year-over-year and which will be a new company record.
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Quarter-to-date, the company sold or securitized loans worth $2 billion versus $1.3 billion in the same period last year.
Ernie Garcia, Carvana Founder and CEO commented, “Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected.”
Analysts are sidelined about CVNA stock with a Hold consensus rating based on two Buys, 13 Holds, and one Sell.