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Used Car Retailer

All articles tagged with #used car retailer

business1 year ago

Carvana's Stock Skyrockets on First Annual Profit and Upgraded Analyst Ratings

Carvana's stock surged 30% after reporting its first annual profit and receiving upgrades from two Wall Street analysts. The used-car retailer posted a net income of $450 million for 2023, a significant turnaround from its $1.59 billion loss in 2022. The company is currently in the second phase of a three-step restructuring plan and aims to grow retail units sold in 2024. Analysts at Raymond James and William Blair upgraded Carvana's rating, citing encouraging profit increases and unit growth, with the company's CEO emphasizing a focus on current inventory and future expansion.

via CNBC|
#analyst-upgrades#annual-profit#business
business1 year ago

"Carvana's First Annual Profit Drives Share Price Surge"

Carvana's shares surged nearly 40% after the used-car retailer reported its first annual profit, driven by cost cuts and a debt-reduction deal with bondholders. The company's stock is on track to close at a year high, but still below its all-time peak. Carvana's profit for 2023 was $150 million, a significant turnaround from the previous year's loss of about $2.89 billion. The company faced challenges with inventory and debt as new car availability improved, but successfully reduced its outstanding debt by over $1 billion through agreements with bondholders. Analysts are optimistic about Carvana's optimized operations and have raised price targets and ratings.

via Yahoo Finance|
#business#carvana#debt-reduction
business1 year ago

Carvana's Profit Surge Propels Stock to New Heights

Carvana Co. exceeded profit expectations in the fourth quarter of 2023 and anticipates improved earnings this quarter, leading to a surge in its shares. Despite challenges posed by high interest rates and inflation, the used-car retailer reported adjusted earnings before interest, taxes, depreciation, and amortization of $60 million, surpassing analysts' estimates. While the company has made progress in reducing debt, it is expected to continue burning cash this year. Carvana's gross profit per unit rose, but it still faces a substantial debt burden and large interest payments. The company's shares rose 20% after-hours, and it anticipates first-quarter adjusted Ebitda to be "significantly above" $100 million.

via Yahoo Finance|
#business#carvana#debt-reduction
business2 years ago

CarMax's Earnings Outlook: Accelerating Towards Success in 2021

CarMax, the largest used car retailer in the US, is set to release its second-quarter results, with analysts projecting a decline in net income and revenues. The company has been facing challenges such as high SG&A spending and declining average selling prices. However, CarMax's scale of operations and omnichannel strategy position it well for long-term growth. The market will closely watch the earnings report for insights into the company's future performance. Despite recent stock price declines, CarMax's market share expansion potential is seen as positive for long-term investors.

via AlphaStreet|
#business#carmax#earnings-preview
business2 years ago

Carvana CEO's Remarkable Turnaround: From Debt to Success

Carvana, the online used car retailer, reported better-than-expected second-quarter earnings, with revenue of $2.97 billion, a 24% decrease YoY but surpassing consensus estimates. The company also secured a debt restructuring agreement that is expected to reduce its outstanding debt by over $1.2 billion. Carvana's CEO, Ernie Garcia, attributed the company's recent success to its solid fundamentals and ability to swiftly provide consumers with affordable used cars. The stock opened up 35% following the earnings report, reaching its highest open price in over a year.

via CNBC|
#business#carvana#ceo
business2 years ago

CarMax's Earnings Beat Estimates Despite Sales Decline and Online Rival's Growth.

CarMax beat earnings expectations for Q1, with earnings of $1.44 per share on $7.687 billion revenue, causing their stock to soar. However, their online rival Carvana's stock plummeted by 12.3%. CarMax's retail used unit sales declined 9.6% YoY, while wholesale units retreated 13.6% YoY. Despite the challenging macro environment, CarMax CEO Bill Nash said that their deliberate actions are driving improved trends in the business.

via Investor's Business Daily|
#business#carmax#carvana