Vehicles are seen on a display at a Carvana dealership on February 20, 2023 in Austin, Texas.In its after-hours earnings report Thursday, the company posted its first annual profit with a net income of $450 million for 2023 compared with a loss of $1.59 billion in 2022.The used-car retailer has been trimming inventory and expenses as it rebounds from the fall-off from a pandemic peak. After Covid drove increased demand for online car sales, the company's stock soared. But after that demand wore off, Carvana ...

Carvana Co (NYSE:CVNA) stock is up 43.8% to trade at $75.34 at last check, despite the car e-tailer's fourth-quarter profit and revenue miss. The company reported its first annual profit thanks to debt cutting, however. Raymond James upgraded the security to "market perform," while William Blair raised its rating to "outperform." Another five analysts lifted their price targets, including J.P. Morgan Securities to $65 from $40.The shares are trading at their highest level since April 2022, and on track for ...

Carvana (NYSE:CVNA) stock is soaring higher on Friday after the used car e-commerce company posted record positive results in its latest earnings report.First, investors will note that Carvana reported adjusted EPS of -$1.75 alongside revenue of $2.42 billion for Q4 2023. These are both below Wall Street’s estimates of -92 cents per share and revenue of $2.55 billion.Even so, traders are excited as the company has been improving its profitability over the last year. That resulted in it reporting a net incom ...

Key PointsThe retail sector has quietly gained over 15% in 3 months, with SPDR S&P 500 Retail ETF (XRT) consolidating near a 52-week range high.XRT holds $421 million in assets, primarily exposed to US retail sectors with a 67% exposure to the Consumer Discretionary sector.Top holdings Carvana (CVNA), Signet Jewelers (SIG), and Kohl’s (KSS) hint at further upside potential despite mixed sentiment and price outlook.5 stocks we like better than Kohl'sAs the theme of 2023 continues into 2024, seeing technology ...

Carvana Co. (NYSE:CVNA) Q4 2023 Earnings Conference Call February 22, 2024 5:30 PM ET Company Participants Meg Kehan - Investor Relations Ernie Garcia - Chairman, President and Chief Executive Officer Mark Jenkins - Chief Financial Officer Conference Call Participants Sharon Zackfia - William Blair & Company Adam Jonas - Morgan Stanley John Healy - Northcoast Research Nicholas Jones - Citizens JMP John Colantuoni - Jefferies Seth Basham - Wedbush Securities Rajat Gupta - JPMorgan Michael Baker - D.A. Davids ...

For the quarter ended December 2023, Carvana (CVNA) reported revenue of $2.42 billion, down 14.6% over the same period last year. EPS came in at -$1.00, compared to -$0.97 in the year-ago quarter.The reported revenue represents a surprise of -4.76% over the Zacks Consensus Estimate of $2.55 billion. With the consensus EPS estimate being -$0.95, the EPS surprise was -5.26%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

Carvana (CVNA) came out with a quarterly loss of $1 per share versus the Zacks Consensus Estimate of a loss of $0.95. This compares to loss of $0.97 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this company would post a loss of $0.85 per share when it actually produced earnings of $0.23, delivering a surprise of 127.06%.Over the last four quarters, the company has surpassed consen ...

Carvana Co (NYSE: CVNA) soared in extended hours on Thursday even though it reported worse than expected financial results for its fourth quarter. Why is Carvana stock up in after-hours?Copy link to sectionThe online used cars retailer saw its full-year adjusted gross profit per unit come in at $5,730 – up 115% more versus 2022. Carvana now forecasts a slight year-on-year increase in retail units sold in its current financial quarter. Ernest Garcia III – the chief executive of Carvana Co said in a press re ...

PHOENIX--(BUSINESS WIRE)--Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars, today announced financial results for the quarter and full year ended December 31, 2023. Carvana’s complete fourth quarter 2023 and full year 2023 financial results and management commentary can be found by accessing the Company’s shareholder letter on the quarterly results page of the Investor Relations website. “2023 was an exceptional year for Carvana, where our deliberate focus on eff ...

Debt and Interest Expenses - Total outstanding debt of $668 million under short-term revolving facilities at December 31, 2023, with a variable interest rate. A 100-basis point change in market interest rates would result in a $8 million change in annual interest expense[621] - Interest expense increased by $146 million to $632 million in 2023 compared to $486 million in 2022, primarily due to increased interest from Senior Secured Notes[621] - The company has short-term revolving facilities with an aggregate borrowing capacity of $4.2 billion, with an outstanding balance of $668 million as of December 31, 2023[663] Customer Experience and Mobile Platform - Mobile platform investments aim to enhance customer experience, with 76% of U.S. adults making purchases using mobile devices and one in three making weekly mobile purchases[629] - Customers can complete vehicle purchases in as little as 10 minutes using seamless transaction technology[636] - Post-sale customer support includes a seven-day return policy, with an average customer satisfaction rating of 4.7 out of 5.0 based on over 195,000 surveys[642] - Investments in vending machines and delivery services aim to improve customer experience and brand awareness[626][630] Inventory and Vehicle Acquisition - Inventory includes over 33,000 total website units, with mobile-optimized search and discovery features for customers[633] - Proprietary algorithms evaluate over 100,000 vehicles daily to identify suitable purchases, leveraging data sources for quality, inventory fit, and consumer desirability[645] - Vehicle acquisition primarily from customer trade-ins and auctions, reducing auction fees and diversifying inventory[644] - The company's inventory management system and automated photography technology provide a 360-degree virtual tour of vehicles, enhancing transparency and customer experience[647][660] Logistics and Infrastructure - 80% of the U.S. population is within 100 miles of an IRC or auction site, reducing delivery times and potentially increasing conversions[627] - The company has established a logistics network and local marketing presence in 316 metropolitan cities, covering 81.1% of the U.S. population as of December 31, 2023[650] - The company's proprietary logistics network, based on a "hub and spoke" model, connects all inspection and reconditioning centers (IRCs) to vending machines and hubs, optimizing speed and cost[648] - The company's logistics infrastructure ensures highly accurate predictions of vehicle availability, minimizing delays and enhancing customer experience[648] Business Performance and Growth - The company has purchased, reconditioned, sold, and delivered over 1.7 million retail vehicles since its first market launch in January 2013[650] - The company employs over 13,700 full-time and part-time employees as of December 31, 2023[666] Technology and Innovation - The company's technology portfolio includes predictive models and APIs for automobile finance services, optimizing consumer lending processes[660] Marketing and Competitive Advantage - The company's marketing strategy includes multi-channel advertising, focusing on brand building and direct response channels to scale local markets[652] - The company's competitive advantage lies in its vertically integrated business model, emphasizing transparency, convenience, and vehicle quality[658]