New date is Wednesday morning — two weeks ahead of schedule
Shares of Carvana Co. dropped more than 10% in the extended session Tuesday after the online auto retailer spooked markets by moving forward its quarterly results.
Carvana CVNA, +8.95% said that it will report second-quarter numbers before the bell Wednesday, a full two weeks ahead of their previously scheduled release.
Carvana, whose stock has rallied more than 700% this year, said that a conference call with analysts will follow at 8 a.m. Eastern.
Analysts polled by FactSet expect Carvana to report a loss of $1.20 a share on sales of $2.6 billion, which would compare with a loss of $2.35 a share on sales of $3.9 billion in the second quarter of 2022.
The rally for Carvana compares with gains of around 18% for the S&P 500 index SPX, +0.71% this year.
Last week, analysts at J.P. Morgan recommended investors to sell Carvana’s stock because it had again “disconnected materially” from fundamentals.
Carvana in May reported a narrower-than-expected loss for its first quarter, sending the stock on a 25% rally. At the time, the retailer also said it expected to reach positive adjusted EBITDA in the second quarter.