Carvana (CVNA) reported earnings Wed 8 Aug 2018 (a/h)

** charts after earnings **

 

Carvana misses by $0.03, beats on revs; guides Q3 revs above consensus; guides FY18 revs above consensus 

• Reports Q2 (Jun) loss of $0.37 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of ($0.34); revenues rose 127.0% year/year to $475.29 mln vs the $425.16 mln Capital IQ Consensus.
  • Retail units sold totaled 22,570, an increase of 111%
  • Total gross profit per unit was $2,173, an increase of $672
  • EBITDA margin was (8.8%), an improvement from (16.1%)
• Co issues upside guidance for Q3, sees Q3 revs of $480-520 mln vs. $479.77 mln Capital IQ Consensus Estimate.
  • Retail unit sales of 23,000 -- 25,000, an increase of 96% -- 113%
  • Total gross profit per unit of $2,100 -- $2,350, an increase from $1,742
  • EBITDA margin of (9.5%) -- (7.5%), an improvement from (15.9%)
• Co issues upside guidance for FY18, sees FY18 revs of $1.85-1.95 bln vs. $1.8 bln Capital IQ Consensus Estimate.
  • Retail unit sales of 91,500 -- 95,500, an increase of 107% -- 116%
  • EBITDA margin toward the higher loss end of our expected (9.0%) -- (7.0%) range, an improvement from (16.9%