TEMPE, Ariz. (AP) — TEMPE, Ariz. (AP) — Carvana Co. (CVNA) on Wednesday reported first-quarter net income of $28 million.
On a per-share basis, the Tempe, Arizona-based company said it had net income of 23 cents. Losses, adjusted for non-recurring gains and pretax gains, came to 41 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 76 cents per share.
The company posted revenue of $3.06 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $2.72 billion.
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