Carvana surpasses Wall Street's second-quarter predictions and forecasts a record year.

• The used car retailer, Carvana, anticipates 2024 to be a record year with projected adjusted EBITDA ranging from $1 billion to $1.2 billion.
• The company's net income for the second quarter was $48 million, resulting in a net income margin of 1.4%.
• The company achieved new records for adjusted EBITDA of $355 million and an adjusted EBITDA margin of 10.4%.

On Wednesday, shares of jumped up to 12% during after-hours trading after the company exceeded Wall Street's expectations for the second quarter and announced projected earnings of at least $1 billion for 2024.

In contrast to average estimates compiled by LSEG, here is how the company performed in the second quarter.

• Earnings per share: 14 cents vs. a loss of 7 cents expected
• Revenue: $3.41 billion vs. $3.24 billion expected

In 2024, Carvana anticipates achieving a record year for the used car retailer, with projected EBITDA ranging from $1 billion to $1.2 billion, a significant increase from the $339 million recorded in 2023.

The company's previous guidance for the year did not specify a dollar amount for the sequential increase in adjusted EBITDA for the second half of the year.

In the second quarter, Carvana's net income was $48 million with a net income margin of 1.4%. The company also set new records for adjusted EBITDA, which was $355 million, and adjusted EBITDA margin, which was 10.4%.

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