Carvana Co. (CVNA) Misses Q1 EPS by 55c
Carvana Co. (NYSE: CVNA) reported Q1 EPS of ($1.18), $0.55 worse than the analyst estimate of ($0.63). Revenue for the quarter came in at $1.1 billion versus the consensus estimate of $1.14 billion.
Outlook
2020 was off to a very strong start, and prior to the COVID-19 outbreak we were on track to meet or exceed our annual guidance on all key financial metrics. As previously communicated, in light of the ongoing uncertainty surrounding COVID-19, we withdrew our 2020 full year guidance provided on February 26 and we are not providing guidance at this time.
In an effort to be helpful in this uncertain environment, we are providing recent sales performance data. In mid-March, demand slowed following the various state and local government orders to shelter in place. This slowdown persisted into April with weekly retail unit sales down approximately 30% year-over-year early in the month. In recent weeks, sales have rebounded to approximately 20-30% growth year-over-year, significantly outperforming the industry.
For earnings history and earnings-related data on Carvana Co. (CVNA) click here.