Carvana Co. (CVNA) Tops Q2 EPS by 21c, Revenues a Touch Light

Carvana Co. (NYSE: CVNA) reported Q2 EPS of ($0.62), $0.21 better than the analyst estimate of ($0.83). Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.14 billion. Retail units sold totaled 55,098, an increase of 25%.

"Dear Shareholders,

The first half of 2020 has been an unprecedented time for all of us as we have grappled with the health and economic consequences of COVID-19. It has also been the most dynamic period we have managed through as a company. The second quarter started at the peak of COVID-19 related economic disruption and ended with structural shifts in customer preferences leading to the strongest demand we have ever seen. Throughout, we have been tested—operationally and culturally. We have risen to the occasion as can be seen in our results, and the quality of our customer experiences. There is a lot to discuss in the quarter and a lot of detail to parse, but we believe the way the team handled the dynamic environment and came together is the development with the most important long term implications. We are extremely proud of our team.

Looking forward, we are as optimistic as ever. It is still hard to say exactly how powerful the effects of all of this will be in the long run, but based on the data we see, we believe the long-term opportunity of the business is even larger than we previously thought and that the medium-term opportunity may be materially larger as COVID-19 and its follow on effects have likely accelerated the adoption of ecommerce across retail verticals. In the immediate term, we have our work cut out for us to catch up with the demand we are seeing and we are up to the challenge.

For the last seven years we have worked tirelessly to build a scalable offering that leverages modern technology to deliver the best customer experiences available anywhere and we have positioned ourselves as well as we could have for the behavior changes we are now witnessing. As a team we are focused on pouring the same energy that got us here in that short period of time into continuing our journey to selling 2 million+ cars per year and becoming the largest and most profitable automotive retailer."

For earnings history and earnings-related data on Carvana Co. (CVNA) click here.

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