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Carvana Turns a Surprise Profit as Used-Vehicle Sales Soar
- Second-quarter net income, revenue beat analyst estimates
- Auto retailer has sought to restructure debt, boost sales
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Carvana Co. reported stronger vehicle sales and revenue than Wall Street expected in the second quarter, pushing the used-car retailer to a surprise profit.
Net income in the period was $48 million, Carvana said Wednesday in a statement, easily topping analysts’ expectations for a loss of almost $16 million. Revenue jumped 15% to $3.4 billion, also beating estimates as the company sought to gain momentum for its turnaround plan.