Carvana Co. reported on Wednesday first-quarter earnings that smashed analyst expectations, leading to a stock price surge of more than 33% in after-hours trading.
The used car retailer reported earnings per share (EPS) of $0.23 for the quarter, significantly surpassing the consensus expectation of a $0.67 loss per share. The company also beat revenue expectations, recording $3.06 billion against a consensus estimate of $2.68 billion.
The company said it registered a record 7.7% adjusted EBITDA margin, “higher than all U.S. publicly traded automotive retailers in Q1.”
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