Carvana Co (NYSE:CVNA) reported upbeat sales for the first quarter on Wednesday.
Carvana reported first-quarter revenue of $3.061 billion, which beat the consensus estimate of $2.673 billion, according to Benzinga Pro. The company reported adjusted EBITDA of $235 million.
Carvana sold 91,878 vehicles in the fourth quarter, up 16% on a year-over-year basis.
“In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana’s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences. We reached new Q1 milestones for all key profitability metrics while also growing 16% year over year,” said Ernie Garcia, founder and CEO of Carvana.
Carvana said it sees a sequential increase in its year-over-year growth rate in retail units in the second quarter. The company also expects a sequential increase in adjusted EBITDA. Carvana also noted it now expects to “comfortably deliver” on its outlook of year-over-year growth in retail units sold and adjusted EBITDA for full-year 2024.
Carvana shares rose 5% to close at $87.09 on Wednesday.
These analysts made changes to their price targets on Carvana following earnings announcement.
- Baird raised the price target on Carvana from $65 to $110. Baird analyst Colin Sebastian maintained a Neutral rating.
- JP Morgan increased the price target on Carvana from $70 to $130. JP Morgan analyst Rajat Gupta upgraded the stock from Neutral to Overweight.
- Needham analyst Chris Pierce, meanwhile, reiterated Carvana with a Hold.
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