Carvana stock rockets after sales beat and debt restructuring
Shares of Carvana Co. were surging 31% in premarket trading Wednesday after the used-car retailer easily topped sales expectations for its latest quarter and announced a deal with noteholders to restructure its debt.
The company recorded a $58 million net loss, amounting to 55 cents a share, whereas it posted a loss of $238 million, or$2.35 a share, in the year-before quarter. Analysts were modeling a $1.20 loss per share. “We see upside to the above total GPU and adjusted Ebitda numbers, but given the early date of this earnings call within the quarter, we are electing to provide a conservative outlook,” the company noted in its release. The company had moved up the date of its release.
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