Carvana (NYSE:CVNA) shares jumped more than 33% intra-day today after the company provided better-than-expected guidance, despite its fourth-quarter results missing Wall Street estimates.

Q4 EPS came in at ($1.00), falling short of the analyst prediction of ($0.80). The company’s revenue for the quarter was reported at $2.42 billion, not meeting the expected $2.56 billion.

Looking into the future, amidst ongoing macroeconomic and industry uncertainties, Carvana provided an outlook for the first quarter of 2024, expected an increase in retail units sold compared to the same period last year, and an adjusted EBITDA well over $100 million.

This forecast is based on the performance observed in the early part of Q1. The company expects the Retail Gross Profit per Unit (GPU) to be similar to Q4 levels, with potential for improvement. It also anticipates sequential growth in Wholesale GPU and Other GPU, alongside a decrease in Selling, General, and Administrative (SG&A) expenses per retail unit sold.

For the full year of 2024, Carvana is aiming for an increase in both the number of retail units sold and adjusted EBITDA in comparison to the previous year.

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