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Carvana shares surge 24% after company projects record quarter

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Ernie Garcia, CEO, Carvana

Scott Mlyn | CNBC

Shares of Carvana jumped after the online used car marketplace said it expects to set records in several categories during its third quarter, including total revenue and retail units sold.

Shares were up 24% in premarket trading.

The company previously declined to give forward guidance for the quarter, citing uncertainty from the Covid-19 pandemic. Carvana has averaged about $1.1 billion in sales over the last four quarters and sold just over 55,000 retail units in the second quarter of this year. 

The company also said it expects to be breakeven on an earnings before interest, taxes, depreciation and amortization basis. That margin was  a…



Source cnbc.com

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