Carvana beats Wall Street's second-quarter expectations, guides toward record year

Carvana expects a record year in 2024, projecting adjusted EBITDA of $1-1.2 billion. The company’s Q2 net income was $48 million, with a net income margin of 1.4%. Adjusted EBITDA reached $355 million, with an EBITDA margin of 10.4%, both company records. Carvana’s shares rose by 12% in after-hours trading as they surpassed Wall Street’s Q2 expectations and revealed their adjusted earnings projection for 2024. In Q1, Carvana’s earnings per share were 14 cents, beating estimates of a 7-cent loss, and their revenue was $3.41 billion, exceeding expectations of $3.24 billion.