Summary
Carvana Co. (CVNA) reported its first-quarter 2024 financial results, demonstrating a significant turnaround in profitability and operational efficiency. Total net sales and operating revenues increased by 17.5% year-over-year to $3.06 billion, driven by a robust 19.0% rise in retail vehicle sales. The company reported a substantial improvement in gross profit, which surged by 73.3% to $591 million, with retail vehicle gross profit experiencing a remarkable 157.3% increase to $283 million. This was underpinned by a significant improvement in retail vehicle gross profit per unit, which more than doubled to $3,080. Operationally, Carvana saw a 15.9% increase in retail unit sales to 91,878 units. The company also reported positive net income of $28 million attributable to Carvana Co., a stark contrast to the net loss of $160 million in the prior year's quarter. Adjusted EBITDA also saw a dramatic swing, turning positive at $235 million from a negative $24 million in Q1 2023, indicating improved core operational performance. While the company still carries a substantial debt load, liquidity remains adequate, with $1.66 billion in committed liquidity resources as of March 31, 2024.
Financial Highlights
41 data pointsKey Highlights
- 1Total net sales and operating revenues increased 17.5% to $3.06 billion in Q1 2024.
- 2Retail vehicle sales rose 19.0% to $2.18 billion, driven by a 15.9% increase in retail unit sales to 91,878.
- 3Total gross profit surged 73.3% to $591 million, with retail vehicle gross profit up 157.3% to $283 million.
- 4Retail vehicle gross profit per unit significantly improved, more than doubling to $3,080.
- 5Reported a net income attributable to Carvana Co. of $28 million, a significant improvement from a net loss of $160 million in Q1 2023.
- 6Adjusted EBITDA turned positive at $235 million, compared to a negative $24 million in the prior year.
- 7Committed liquidity resources stood at $1.66 billion as of March 31, 2024, providing adequate financial flexibility.