CarGurus (CARG) Misses Q4 EPS by 2c; Guides Below Views

CarGurus (NASDAQ: CARG) reported Q4 EPS of $0.11, $0.02 worse than the analyst estimate of $0.13. Revenue for the quarter came in at $158.2 million versus the consensus estimate of $154.36 million.

“CarGurus finished 2019 with a strong fourth quarter. Our U.S. marketplace saw continued traffic and lead growth in the fourth quarter, and for the full-year 2019 we generated over 65 million connections and over 38 million leads, supporting what we believe is industry-leading ROI for our paying dealers,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “We are seeing consistent new product adoption, as we ended 2019 with a product attach rate of 30%, with over 1,000 U.S. dealers subscribing to at least three of our products. We also completed the roll out of our second consumer financing partner, Westlake, enabling a wider array of consumers to seek loan pre-qualifications. As a result, we now provide financing pre-qualification opportunities on roughly 85% of our U.S. used car listings, creating a richer experience for our industry-leading audience and dealer base. Finally, our international business continues to scale efficiently, as strong audience and leads growth is yielding healthy paying dealer additions in each of our commercialized markets.”

GUIDANCE:

CarGurus sees Q1 2020 EPS of $0.07-$0.08, versus the consensus of $0.15. CarGurus sees Q1 2020 revenue of $156.5-159.5 million, versus the consensus of $161.23 million.

CarGurus sees FY2020 EPS of $0.50-$0.55, versus the consensus of $0.66. CarGurus sees FY2020 revenue of $664-676 million, versus the consensus of $707.7 million.

For earnings history and earnings-related data on CarGurus (CARG) click here.

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