Summary by Moomoo AI
Carvana reported strong Q3 2024 financial results with total revenue increasing 31.8% to $3.66 billion, driven by a 34.2% rise in retail vehicle sales to 108,651 units. Gross profit surged 67.4% to $807 million, with total gross profit per unit reaching $7,427. The company achieved net income of $148 million compared to $741 million in Q3 2023.Operating performance showed significant improvement as retail vehicle gross profit per unit increased to $3,497 from $2,692 year-over-year, benefiting from lower average days to sale and reduced vehicle acquisition costs. Other sales and revenues, including loan sales and ancillary products, grew 52.3% to $326 million. The company maintained strong liquidity with $871 million in cash and cash equivalents.Management continued to focus on driving profitability through operational efficiency while returning to growth, with total website units increasing to 45,974 vehicles. The company's logistics network now services 316 metropolitan areas covering 81.1% of the U.S. population. Carvana also strengthened its financial position by repurchasing $100 million of Senior Secured Notes during the quarter.
