Carvana ( (CVNA) ) has realeased its Q3 earnings. Here is a breakdown of the information Carvana presented to its investors.
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Carvana Co., a prominent e-commerce platform for buying and selling used cars, operates primarily in the automotive retail industry with a unique vertically integrated business model.
In its latest earnings report for the third quarter of 2024, Carvana reported a net income of $148 million and adjusted EBITDA of $429 million, reflecting strong growth and profitability. The company achieved a 34% year-over-year increase in retail unit sales and a net income margin of 4%, marking industry-leading performance in the automotive retail sector.
Key highlights from Carvana’s third-quarter results include a total revenue of $3.655 billion, a 32% year-over-year increase, and a record adjusted EBITDA margin of 11.7%. This performance underscores the effectiveness of Carvana’s vertically integrated business model and its national infrastructure, which have contributed to improved customer experiences and cost efficiencies.
Looking ahead, Carvana anticipates continued growth in retail unit sales and expects its adjusted EBITDA for the full year 2024 to significantly surpass the high end of its previously projected range. The company remains optimistic about leveraging its infrastructure and business model to capitalize on future growth opportunities in a large market.