Carvana misses by $0.06, misses on revs; guides FY19 revs below consensus (made the decision to move to annual guidance, will update quarterly)
- Reports Q4 (Dec) loss of $0.55 per share, excluding non-recurring items, $0.06 worse than the S&P Capital IQ Consensus of ($0.49); revenues rose 120.6% year/year to $584.8 mln vs the $601.14 mln S&P Capital IQ Consensus. Retail units sold totaled 27,750, an increase of 105%. EBITDA margin ex-Gift was (10.8%), an improvement from (15.5%).
- Co sees FY19 revs of $3.4-3.5 bln vs. $3.55 bln S&P Capital IQ Consensus, retail unit sales of 160,000 -- 165,000, an increase of 70% -- 75%. Total gross profit per unit ex-Gift of $2,450 -- $2,650, an increase from $2,133; EBITDA margin ex-Gift of (5.5%) -- (3.5%), an improvement from (9.9%); ? 50-60 market openings, an increase from 41 market openings in 2018, bringing our end-of-year total to 135-145 markets and our total U.S. population coverage to at least 65%.