### Carvana Projects Strong Earnings After Exceeding Quarterly Expectations

Carvana Co., the online used-car retailer based in Tempe, Arizona, has reported robust earnings for the third quarter, benefitting from the continuous high demand and pricing in the used-car market. The company announced earnings per share of 68 cents for the three months ending September 30th and generated $3.66 billion in revenue, surpassing the consensus expectation of $3.46 billion.

This marks Carvana's third consecutive profitable quarter, setting a positive trajectory as the year draws to a close. Leveraging this success, the company has revised its earnings forecast for 2024 to significantly exceed the upper limit of its previous projection of $1 billion to $1.2 billion, provided economic conditions remain steady.

The announcement triggered a 12% rise in Carvana’s stock during postmarket trading, reaching $231.96. A notable highlight in the company's performance was the retail gross profit per vehicle, which hit a record $3,497 in the third quarter. This achievement was bolstered by a reduction in selling, general, and administrative costs, which were $1,030 less per vehicle compared to the same period last year.

With the used-car market showing no immediate signs of cooling, Carvana’s optimistic outlook suggests it remains well-positioned to continue its growth streak into the upcoming year.