Carvana Co. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in revenue, with net sales and operating revenues reaching $3,655 million for Q3 2024, a 31.8% increase from $2,773 million in Q3 2023. For the nine months ended September 30, 2024, total revenues amounted to $10,126 million, up from $8,347 million in the same period the previous year.
Retail vehicle sales were a primary driver of this growth, generating $2,543 million in Q3 2024, compared to $1,949 million in Q3 2023, marking a 30.5% increase. For the nine-month period, retail vehicle sales totaled $7,129 million, up from $5,737 million in 2023. The number of retail units sold also rose significantly, with 108,651 vehicles sold in Q3 2024, a 34.2% increase from 80,987 units in Q3 2023.
Despite the revenue growth, Carvana's net income for Q3 2024 was $148 million, a decrease from $741 million in Q3 2023. For the nine months ended September 30, 2024, net income was $245 million, down from $350 million in the prior year. The decline in net income was attributed to increased interest expenses and a loss on debt extinguishment related to the repurchase of senior secured notes.
The company reported a gross profit of $807 million for Q3 2024, a 67.4% increase from $482 million in Q3 2023. Retail vehicle gross profit also saw a substantial rise, reaching $380 million, compared to $218 million in the same quarter of the previous year. However, the gross profit per retail unit sold increased to $3,497, up from $2,692 in Q3 2023.
On the balance sheet, Carvana's cash and cash equivalents increased to $871 million as of September 30, 2024, compared to $530 million at the end of 2023. Total current assets rose to $3,765 million, up from $3,321 million. The company also reported a decrease in total current liabilities, which fell to $1,159 million from $1,536 million.
Strategically, Carvana repurchased $100 million of its 2028 Senior Secured Notes during the quarter, contributing to a total debt reduction from $6,029 million at the end of 2023 to $5,534 million as of September 30, 2024. The company also extended its short-term revolving credit facility through August 2025, enhancing its liquidity position.
Overall, Carvana's performance reflects a robust increase in sales and gross profit, although net income has been impacted by rising costs and interest expenses. The company continues to focus on optimizing its operations and expanding its market presence.
About CARVANA CO.
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