Shares of Carvana Co. CVNA, +1.84% shot 9% higher in the extended session Thursday after the online used-car retailer reported its first quarterly profit and reported sales well above Wall Street expectations. Carvana said it earned $45 million, or 26 cents a share, in the second quarter, contrasting with a loss of $106 million, or 62 cents a share, in the year-ago quarter.
Sales rose 198% to $3.3 billion. Analysts polled by FactSet expected a loss of 39 cents a share on sales of $2.46 billion for the quarter. Carvana said it sold 107,815 vehicles to retail customers, nearly double its second-quarter 2020 retail unit sales. “This was a landmark quarter for Carvana,” founder and Chief Executive Ernie Garcia said in a statement. Carvana continues to see “exceptional” demand for used vehicles. The stock ended the regular trading day up 1.8%.