Carvana (CVNA.US) jumps nearly 19% as Q3 results beat expectations

Carvana (CVNA.US) opened higher on Thursday and hit a recent high, up nearly 19% at the time of writing to $246.62. The company reported better-than-expected Q3 results. Revenue was US$3.66bn, topping the US$3.45bn estimate. EPS was US$0.64, topping the US$0.17 estimate. The company sold 108,651 vehicles in Q3, up 34% YoY. The gross profit per unit was US$7,427, up US$1,475 YoY. Carvana expects a YoY increase in retail vehicle sales in Q4. The company also expects full-year adjusted EBITDA to exceed the top end of its previous guidance range of US$1bn-US$1.2bn. "As we integrate our business and leverage our national footprint, we're not only driving efficient growth, but we're also improving the customer experience, reducing costs, and strengthening our wholesale platform," said Ernie Garcia, co-founder and CEO of Carvana. "With only 1% market share in a massive market, there is tremendous potential to support growth, and we're just getting started."