5 Key Earnings Reports to Watch

In this article, we discuss the 5 key earnings reports to watch. If you want to read our detailed analysis of these companies, go directly to the 11 Key Earnings Reports to Watch.  

5. Carvana Co. (NYSE:CVNA)

Number of Hedge Fund Holders: 56

Carvana Co. (NYSE:CVNA) recently announced a wider-than-expected loss for the fourth quarter. However, its shares climbed over 21 percent on Friday, February 25, 2022, after it struck an agreement with KAR Global (NYSE:KAR) to buy its vehicle auction business ADESA U.S.

The deal, valued at $2.2 billion, would help Carvana Co. (NYSE:CVNA) boost its physical presence in the U.S. In addition, the company said that the ADESA’s reconditioning operations could increase its production by two million units annually.

For the fourth quarter, Carvana Co. (NYSE:CVNA) posted a loss of $1.02 per share, wider than the consensus forecast for a loss of 79 cents per share. Revenue for the quarter climbed 105 percent on a year-over-year basis to $3.8 billion and topped expectations of $3.5 billion.

Speaking on the results, CEO Ernie Garcia said:

“2021 was a year full of meaningful milestones. We sold our 1 millionth car, achieved our first positive earnings quarter, and became the fastest growing e-commerce company in U.S. history.”