Carvana forecasts annual core profit below estimates on supply pressure, shares slump

July 29 (Reuters) - Carvana forecast full-year adjusted core profit below Wall Street expectations on Wednesday, pressured by reduced supply of newer used vehicles, sending shares about 15% lower in extended trading.

While demand for used cars has remained strong, fewer new pre-owned vehicles has kept wholesale prices higher, pressuring dealer margins across the industry.

• The company expects its full-year adjusted core profit to be between $2.7 billion and $3.0 billion. The midpoint of the range is lower than analysts' estimate of $2.97 billion, according to data compiled by LSEG.
• This is Carvana's first ever annual forecast.
• Carvana said higher used-vehicle prices during the quarter helped lift its retail selling prices.
• Its quarterly retail sales rose 38% to 197,325 units from a year ago.
• Shares of the company, best known for its car vending machines, are down by nearly 18% this year.
• Its second-quarter revenue rose to $7.38 billion from $4.84 billion a year ago.
• On an adjusted basis, its quarterly core profit rose to $769 million from $601 million a year earlier.