Carvana Co (CVNA) Shares Fly After Q1 Earnings Beat

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Carvana Co (NYSE:CVNA) stock was on the rise Wednesday following the release of its earnings report for its fiscal first quarter of 2017.

Carvana Co (CVNA) Shares Fly After Q1 Earnings Beat

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Carvana Co reported losses per share of 28 cents for its fiscal first quarter of the year. The company just went public this year, which means there isn’t previous earnings per share data. Wall Street was expecting it to report losses per share of 29 cents for its fiscal first quarter of 2017.

Revenue reported by Carvana Co in the fiscal first quarter of 2017 was $159.07 million. This is an increase over its revenue of $72.95 million from the same time last year. It also came in above analysts’ revenue estimate of $157.70 million for the quarter.

Carvana Co reported a net loss of $38.44 million during its fiscal first quarter of the year. This is worse off than the online used car company’s net loss of $35.69 million from the same period in the previous year.

Carvana Co also released its outlook for the upcoming quarter in its most recent earnings report. CVNA says that it is expecting revenue for its fiscal second quarter of the year to range from $193 million to $203 million. Wall Street is expecting the company to report revenue of $184.28 million for the quarter.

Carvana Co also provided guidance for its full fiscal year of 2017 in its earnings report for its fiscal first quarter of 2017. The company says that it is expecting revenue for the fiscal year to fall between $850 million and $910 million. Analysts are estimating revenue of $854.29 million for the current year.

CVNA stock was up 16% as of noon Wednesday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/06/carvana-co-cvna/.

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