(Bloomberg) — Carvana Co.’s shares surged the most since the start of the pandemic after the debt-ridden automobile retailer topped Wall Street’s earnings estimates and predicted a return to an adjusted pretax profit this quarter.
Adjusted earnings before interest, taxes, depreciation and amortization will be positive in the second quarter following a “strong start to the year,” according to a statement late Thursday. Earnings by that measure were negative $24 million in the first quarter. Net income remains well in the red: The per share loss was $1.51 in the period, compared with the average analyst estimate of a $1.96 deficit.
