Carvana (NYSE:CVNA) news for Tuesday concerning the company’s guidance for the third quarter of 2020 have CVNA stock on the rise.
Carvana doesn’t provide specific financial guidance for its upcoming earnings report. However, the company does note that it expects to report record numbers for several financial measurements.
According to a Carvana news release, the company expects record results from revenue, retail units sold, total gross profit per unit, and EBITDA margin. Assing to this is its expectation for EBITDA to roughly break even.
Even if Carvana doesn’t provide exact numbers, we know what analysts are looking for. Wall Street’s estimates for CVNA’s third quarter of the year have it expecting adjusted losses per share of 54 cents on revenue of $1.48 billion.
Ernie Garcia, founder and CEO of Carvana, said this about the news.
“The momentum that we saw in the second quarter accelerated into the third, leading to record performance for Carvana in metrics that demonstrate strong progress both in growth and towards profitability. Hitting these records while continuing to provide the exceptional customer experiences we’ve become known for and adjusting to all the change that 2020 has brought us speaks to the quality of people we have at Carvana and to their tireless focus on our customers.”
Carvana will likely release its earnings report for the third quarter of 2020 on or around Nov. 6.
CVNA stock was up 33.4% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
