Carvana reported record first-quarter results, surpassing Wall Street expectations with strong sales driven by higher-than-expected demand. The company achieved a 46% year-over-year increase in sales, reaching nearly 134,000 units. Key financial highlights include net income of $373 million, adjusted EBITDA of $488 million, and operating income of $394 million. Revenue rose 38% year-over-year to $4.23 billion. Carvana attributes part of its success to positive changes in the fair value of warrants related to its partner, Root auto insurance. CEO Ernie Garcia expressed confidence in the company’s future growth and efficiency improvements. Carvana’s guidance for Q2 includes increased retail unit sales and adjusted EBITDA. The company remains cautious about potential impacts of automotive tariffs on the used car market. — new from CNBC
