(Bloomberg) — Carvana Co. raised its profit outlook as the used-car retailer said the momentum it saw from an early-year turnaround is carrying into the third quarter.
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Adjusted earnings before interest, taxes, depreciation and amortization will be more than $75 million in the current three-month period, according to a statement Wednesday. That compares with a prior outlook of “positive” adjusted ebitda and a consensus analyst estimate of $45.7 million.
The revised forecast comes just three weeks after the company reported better-than-expected second-quarter earnings and announced that it would restructure its debt, a relief for investors.
Shares of the company surged as much as 12% in premarket trading Wednesday on the news. They were up 10% to $48.51 as of 8:16 a.m. in New York.
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