Carvana Gains 20%+ After Hour on Revved Up Q3 Results

CVNA gained 20.5% to $249.90 shortly before 5 p.m. ET after reporting that it earned $0.64 per share on $3.7 billion of sales. That beat the $0.17 earnings per share and $3.5 billion in revenues that analysts' consensus estimate had reportedly called for.

Earlier Wednesday, Carvana shares briefly rose to $213.98 intraday high, their best level since January 2022.

"Carvana's exceptional results underscore our position as the fastest-growing and most-profitable automotive retailer," company founder and CEO Ernie Garcia said in a statement releasing the company's latest numbers. "Our progress in Q3 further highlights the strength of our vertically integrated business model and also begins to demonstrate the power of our unique infrastructure."

CVNA also issued well-received forward guidance, saying that it expected year-over-year growth in retail units sold for Q4.

Additionally, management forecast adjusted EBITDA for the full year to come in "significantly above the high end" of the $1 billion to $1.2 billion that the company had previously guided.