Carvana Reports Record Q2 Earnings, Projects Strong 2024

Used-car retailer Carvana surpasses expectations with significant profit growth and improved margins.

Carvana posted a net income of $48 million for Q2, defying expectations of a net loss.
Revenue for the quarter surged 15% year-over-year to $3.41 billion.
The company sold 101,440 used cars in Q2, a 33% increase from the previous year.
Carvana's adjusted EBITDA margin reached a record 10.4%, the highest among public automotive retailers.
The company forecasts 2024 adjusted EBITDA between $1 billion and $1.2 billion, exceeding analyst estimates.