Summary by Futu AI
Carvana Co. reported a significant increase in financial performance for the first quarter ended March 31, 2024. The company's net sales and operating revenues rose by 17.5% to $3.061 billion compared to $2.606 billion in the same period last year. Retail vehicle sales, the largest revenue source, grew by 19.0% to $2.175 billion, while wholesale sales and revenues saw a 6.3% increase to $657 million. Other sales and revenues, which include gains on loan sales and commissions on ancillary products, jumped by 42.2% to $229 million. Total gross profit surged by 73.3% to $591 million, with retail vehicle gross profit experiencing a substantial 157.3% increase to $283 million. The company sold 91,878 retail vehicles, marking a 15.9% rise from the previous year, and wholesale vehicle unit sales increased by 25.8% to 44,155 units. Carvana's business development was...Show More