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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Carvana founder and CEO Ernie GarciaCarvana CEO Ernie Garcia joins 'Squawk on the Street' to discuss how Garcia has turned the company around so fast, how the founder is driving revenue growth while maintaining profits, and much more.
Persons: Ernie Garcia, Garcia
Carvana CEO on record Q1 earnings
  + stars: | 2024-05-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana CEO on record Q1 earningsCarvana CEO Ernie Garcia joins 'Squawk on the Street' to discuss how Garcia has turned the company around so fast, how the founder is driving revenue growth while maintaining profits, and much more.
Persons: Ernie Garcia, Garcia
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Carvana : Shares of the buying and selling online platform were soaring 35% on Thursday after a record first quarter. CEO Ernie Garcia realized, unlike Wall Street analysts had, that he was OK after getting the Apollo money, Jim Cramer said. Etsy : Shares of the online marketplace for handmade goods were sinking roughly 17% after an earnings miss. "That's all you needed" to push this stock lower, Cramer said.
Persons: Jim Cramer's, Ernie Garcia, Jim Cramer, He's, Josh Silverman, Cramer, Jefferies Organizations: CNBC, Club, Wall Street
Vehicles are seen on display at a Carvana dealership in Austin, Texas, on Feb. 20, 2023. Shares of Carvana popped more than 30% during after-hours trading Wednesday after the automaker reported record quarterly results and turned a profit during the first quarter. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization of $235 million, up from a $24 million loss a year earlier. Carvana's adjusted profit margin for the quarter was 7.7%. They had climbed roughly 67% so far this year before the company reported its first-quarter results.
Persons: Carvana, Ernie Garcia III, Garcia, Mark Jenkins Organizations: Wednesday Locations: Austin , Texas
Carvana CEO Ernie Garcia goes one-on-one with Jim Cramer
  + stars: | 2024-04-19 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Carvana CEO Ernie Garcia goes one-on-one with Jim CramerCarvana Co-Founder, President and CEO Ernie Garcia sits down with 'Mad Money' host Jim Cramer to talk Carvana's turnaround effort.
Persons: Ernie Garcia, Jim Cramer Carvana, Jim Cramer
Cramer's Lightning Round: Cloudflare is a buy
  + stars: | 2024-02-26 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Public Storage's year-to-date stock performance. Stock Chart Icon Stock chart icon Vistra's year-to-date stock performance. Stock Chart Icon Stock chart icon HubSpot's year-to-date stock performance. Stock Chart Icon Stock chart icon Cloudflare's year-to-date stock performance. You must hold on to Cloudflare, and if it gets hit, you buy more [buy, buy, buy!]."
Persons: Let's, Cloudlfare, Matthew Prince, Carvana, Ernie Garcia, Jim Cramer's Organizations: AMN Healthcare Services, AMN Healthcare Locations: Cloudflare
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana CEO Ernie Garcia on Q4 results: We're in the best position we've ever beenErnie Garcia, Carvana CEO, joins 'Money Movers' to discuss the company's upbeat outlook for 2024, how sticky the improvements are for this year, and the company's restructuring of its debt program.
Persons: Ernie Garcia
Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. Carvana puts each vehicle it intends to sell through a lengthy inspection, repair and sale preparation process. A Ford F-150 is prepped for a painting booth at Carvana's vehicle reconditing center outside Phoenix. The Wall Street Journal in December 2021 detailed a network of Garcia companies that do business with DriveTime, Carvana or both. Carvana sells such warranties or other service-related protections to customers, and DriveTime takes them over, giving Carvana a commission.
Persons: Michael Wayland, Ernie Garcia III, Ernie Garcia II, Garcia, Carli, Carvana, There's, Richard, Dick, Nixon, there's, Ernie Garcia, pathing, Rajat Gupta, Doug Guan, we've, CNBC Guan, Coldplay, Neil Diamond, Teresa Aragon, DriveTime, Duckling, Garcia II, Charles Keating's Lincoln, hasn't, Organizations: CNBC PHOENIX, CNBC, Ford, Ford Motor, Nissan, State, Charles Keating's Lincoln Savings & Loan, Street Journal, DriveTime Locations: Tempe, Ariz, Tempe , Arizona, Phoenix, Carvana, Florida, reconditioning, Silicon Valley, Aragon, DriveTime, Drivetime
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana CEO: Amazon's online car sales 'validates this is something consumers want'Ernie Garcia, Carvana CEO, joins 'Closing Bell Overtime' to discuss Amazon launching its own online car sales business.
Persons: Ernie Garcia
Carvana CEO Ernie Garcia told CNBC's Jim Cramer in a Monday interview that it's hard to say when used car prices will come down, even though the company is doing what it can to cut costs and make vehicles affordable for customers. "So we would love for car prices to come down, we expect them to over time — I think the timing is always hard to predict." In 2019, the average car Carvana sold was three years old and cost $19,500, he said. "If rates were to come down that would be great too, but obviously that's certainly not something that's in our control," he said. After a tough couple of years, Carvana has managed to make a comeback, in part thanks to a billion dollar debt restructuring deal.
Persons: Ernie Garcia, CNBC's Jim Cramer, it's, Garcia, Carvana, we're
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe hope and expect car prices will come down, says Carvana CEO Ernie GarciaCarvana Co-Founder, President and CEO Ernie Garcia joins 'Mad Money' host Jim Cramer to talk quarterly earnings, the company's turnaround, the auto industry and more.
Persons: Ernie Garcia Carvana, Ernie Garcia, Jim Cramer
Jim Cramer goes one-on-one with Carvana CEO Ernie Garcia
  + stars: | 2023-11-06 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer goes one-on-one with Carvana CEO Ernie GarciaCarvana Co-Founder, President and CEO Ernie Garcia joins 'Mad Money' host Jim Cramer to talk quarterly earnings, the company's turnaround, the auto industry and more.
Persons: Jim Cramer, Ernie Garcia Carvana, Ernie Garcia
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana CEO Ernie Garcia: This comeback happened because customers love our modelCarvana CEO Ernie Garcia joins 'Mad Money' host Jim Cramer to talk today's stock move, the state of the company after a rough year and more.
Persons: Ernie Garcia, Jim Cramer
Carvana has reached a debt restructuring agreement that will reduce the used car retailer's total debt outstanding by more than $1.2 billion, the company said Wednesday. Shares of the company jumped more than 20% in premarket trading Wednesday after being off roughly 7% before the announcement. Carvana stock this year has soared from roughly $4 per share to start the year to roughly $40 as of Tuesday's close. Carvana said its restructuring agreement covered roughly $5.2 billion of senior, unsecured bonds and included Apollo Global Management, its largest bondholder. Carvana's debt before the deal was roughly $8.5 billion, including $5.7 billion, or 74.5%, in unsecured notes, according to FactSet.
Persons: Carvana, Mark Jenkins, Ernie Garcia Organizations: Apollo Global Management, Refinitiv, Refinitiv . Locations: maturities
Carvana CEO Ernie Garcia: I think we have 'more comeback in us'Carvana CEO Ernie Garcia joins 'Mad Money' host Jim Cramer to talk today's stock move, the state of the company after a rough year and more.
Persons: Ernie Garcia, Jim Cramer
Ernie Garcia, the CEO of online used car retailer Carvana , discussed his company's unexpected comeback with CNBC's Jim Cramer on Wednesday. Carvana moved its second-quarter earnings report up to Wednesday and reported revenue at $2.97 billion, comfortably topping the $2.59 consensus estimate. He also said lower car prices are actually better for business and for customers, and that the company usually provides next-day delivery but is currently testing same-day delivery. "We had some of our most successful years when car prices were much lower, so we would love for car prices to go lower," Garcia said. The last couple years have been characterized much more by car prices going up than going down.
Persons: Ernie Garcia, CNBC's Jim Cramer, Carvana, Garcia, we've Organizations: Carvana
Carvana short-sellers have suffered losses of more than $1 billion this year, according to Bloomberg. That's after the company's stock surged 56% on Thursday alone on the back of improved second-quarter results. The used-car dealer's shares have jumped over 400% this year thanks to its successful cost-cutting measures. Carvana said it expects total gross profit per unit to hit above $6,000 in the second quarter of 2023. The company's stock traded up 4.75% at $25.38 at last check on Friday.
Persons: , Carvana, Ernie Garcia Organizations: Bloomberg, That's, Service, Partners Locations: Arizona
Six months after Morgan Stanley pulled its rating on Carvana shares, the firm says it has "improved confidence" in the used-car dealer. Analyst Adam Jonas reinstated coverage of the stock, giving it an equal-weight rating. The analyst added that the company's reductions of selling, general and administrative expenses have been progressing better than expected, marking a "turning point" for Carvana. Carvana shares have soared nearly 130% in 2023. CVNA YTD mountain Carvana stock —CNBC's Michael Bloom contributed to this report.
The company's stock fell roughly 98% last year as it overspent to gain sales and increase vehicle inventory amid weakening demand. The company last year announced plans to achieve a positive adjusted EBITDA this year, however pulled that guidance due to "current industry and macroeconomic conditions." Carvana last reported a positive adjusted EBITDA of $20 million during the third quarter of 2021. Given our strong start to the year, we expect to achieve positive adjusted EBITDA in Q2 2023," Carvana CEO Ernie Garcia said in an earnings release. For the first quarter, Carvana reported a net loss of $286 million, down from a loss of $506 million a year earlier.
May 4 (Reuters) - Carvana Co (CVNA.N) said on Thursday that it expects to post a profit in the current quarter and plans to further bring down excess used-car inventory as the retailer sharpens its focus on cutting costs, sending its shares surging 26% in aftermarket trading. The company also reported a smaller-than-expected loss, benefiting from cost cuts. The debt-laden company cut its inventory and slashed advertising expenses to inch closer to profitability and attain positive free cash flow. Carvana said its adjusted earnings before interest, taxes, depreciation, and amortization, (EBITDA) are expected to be positive in the second quarter. "It is clear our strategy and execution are working as evidenced by our 61% increase in gross profit per unit, the best first quarter GPU in company history," said Garcia.
Shares of Carvana popped during early trading Wednesday after the embattled used car retailer pre-announced guidance for the first quarter and released plans to restructure some of its $9 billion debt load. The company's stock increased by nearly 30% Wednesday morning before leveling off at around $9.50 a share, up roughly 20%. The stock has more than doubled this year following a rapid decline last year as the company's operations and earnings disappointed Wall Street. Carvana expects a first-quarter loss of between $50 million and $100 million, drastic improvement from a loss of $348 million it reported a year earlier, despite significantly lower sales and revenue. As for Carvana's debt, the company is offering noteholders the option to exchange their unsecured notes at a premium to current trading prices in exchange for new secured notes.
Auto industry supply chain problems that decreased the supply of new cars led to dramatic increases in the price of Carvana’s product, used cars. Many of thoe issues have begun to resolve in the new car market and, consequently, used car prices have recently started to come down. The number of cars Carvana sold in the fourth quarter last year dropped 23% from a year earlier to about 87,000 while overall revenue declined 24%. For the full year, Carvana sold 3% fewer vehicles while revenue, at $13.6 billion, increased 6%. As the numbers of cars sold has dropped, though, the reductions haven’t yet been visible in per-vehicle profits, they said.
Carvana generated revenue of $2.84 billion, lower than the anticipated $3.1 billion. Block — The mobile payment stock climbed 6.5% after Block reported better-than-expected revenue in its fourth-quarter results. The company posted revenue of $4.65 billion, beating Refinitiv consensus estimates for $4.61 billion. However, Block missed estimates, posting adjusted earnings of 22 cents per share compared to expectations for 30 cents per share. The media and entertainment conglomerate reported a loss of 86 cents per share on revenue of $11.01 billion.
Naturally, Elon Musk, the platonic ideal of the peculiar self-aggrandizing, self-parodying personality type that thrived during the Trump years and peaked during the pandemic, tops this list. By 2022, the media had pronounced him variously the next Warren Buffett, J.P. Morgan and Charles Koch. "bye bye @trussliz Congrats to lettuce", tweeted Putin's one-time stand-in Dmitry Medvedev, to which Elon Musk could not resist replying, "pretty good troll tbh." Elon Musk speaks at the 2020 Satellite Conference and Exhibition in March 2020. Elon MuskIt's weird to recall now that Elon Musk once seemed like, graded on the billionaire curve anyway, a net positive for a cursed American society.
Evercore ISI names Apple as a top pick in 2023 Evercore said it sees 2023 as a "moonshot" year for Apple. MKM names Walmart a top 2023 pick MKM said it sees further share gains for Walmart in 2023. " JPMorgan names Eli Lilly a top 2023 pick JPMorgan said Eli Lilly is "best-in-class." Canaccord names Yeti and Traeger top 2023 picks Canaccord says Yeti should hold up well in a recessionary environment. YETI Holdings (YETI : BUY, $58 PT): We believe the core YETI consumer should hold up relatively better in a recession as it skews a bit higher end.
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