Summary by Moomoo AI
Carvana achieved record profitability in Q2 2024, with retail units growing 33% YoY to 101,440 vehicles and revenue increasing 15% to $3.41 billion. The company posted a net income of $48 million, marking a 1.4% net income margin, while achieving an all-time-high Adjusted EBITDA margin of 10.4% at $355 million.Total gross profit rose 43% YoY to $715 million, with gross profit per unit reaching $7,049. The company demonstrated significant operational efficiency improvements, reducing SG&A expenses per unit to $4,485. These results position Carvana as both the fastest-growing and most profitable public automotive retailer.Looking ahead, Carvana expects sequential retail unit growth in Q3 and projects full-year 2024 Adjusted EBITDA of $1.0-1.2 billion, up from $339 million in 2023. With just 1% market share and infrastructure capacity for 3x growth, the company sees substantial opportunities for further expansion while maintaining profitability.
