Carvana Co. (NYSE: CVNA) reported Q1 EPS of ($0.28), $0.01 better than the analyst estimate of ($0.29). Revenue for the quarter came in at $159 million versus the consensus estimate of $157.7 million.

“We are excited to announce record revenue in our first earnings report as a newly public company. Our strong performance this quarter reflects a significant increase in retail units, as well as expansion into new markets. During the quarter we made important enhancements to the customer experience through new product development, resulting in ongoing optimization from website through vehicle delivery,” said Ernie Garcia, Carvana founder and CEO. “We continue to see increased consumer adoption of online car buying across our markets, charting a clear path to consistent growth within the $710 billion U.S. used auto market. Carvana’s unique business model includes proprietary technology and assets, like the vending machines, that deliver customer experiences that position us to execute against our aggressive growth plans.”

Q2 GUIDANCE:

• Retail unit sales of 10,000 – 10,500
• Carvana Co. sees Q2 2017 revenue of $193-203 million, versus the consensus of $184.28 million.
• Total gross profit per unit of $1,375 – $1,425
• EBITDA margin of (18%) - (18.5%)

FY GUIDANCE:

• Retail unit sales of 44,000 – 46,000, an increase from 18,761 in 2016
• Revenue of $850 million – $910 million, an increase from $365 million in 2016, versus the consensus of $854.3 million
• Total gross profit per unit of $1,475 - $1,575, an increase from $1,023 in 2016
• EBITDA margin of (14%) - (16%), an improvement from (23.2%) in 2016
• 16 – 18 new market openings, bringing our end-of-year total to 37 – 39

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