ACV Auctions reports Q4 EPS (14c) , consensus (15c)

Reports Q4 revenue $118.38M, consensus $ $118.26M…Reports Marketplace Units of 143,999, an increase of 15% year over year “We are very pleased with our strong fourth quarter results, with revenue in line with our guidance, strong year-over-year margin expansion, and Adjusted EBITDA exceeding our guidance range,” said George Chamoun, CEO of ACV. “While dealer wholesale volumes remain below historical levels, new vehicle production and retail sales are improving, which are key factors supporting a wholesale market recovery. Our strong market position and competitive moat resulted in continued market share gains and accelerated revenue growth in the quarter. We launched new solutions that expand our addressable market and drive operating efficiency, which we achieved while continuing to increase margins,” continued Chamoun. “Turning to our 2024 outlook, we expect market headwinds to ease resulting in modest growth in dealer wholesale industry volumes. We believe ACV remains well positioned to deliver sustainable growth as end-markets further recover, and we execute on our emerging commercial wholesale strategy, while also continuing to scale our business model,” concluded Chamoun.