Carvana reports strong quarterly earnings on resilient demand for used cars

• The company expects its full-year adjusted core profit to be between $2.7 billion and $3.0 billion, compared with analysts' estimate of $2.97 billion, according to data compiled by LSEG.
• 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% so far 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.

July 29 (Reuters) - Carvana CVNA.N reported a full-year forecast for the first time as well as higher second-quarter revenue and profit on Wednesday, benefiting from previously employed cost cuts and sustained demand for used cars.

Demand for used vehicles has held strong as buyers, squeezed by higher living costs, turn to affordable deals on the pre-owned market.