Carvana Reports Higher Quarterly Profit on Record Car Sales

Online car retailer Carvana Co. reported a sixfold increase in net income and record quarterly sales of used vehicles, countering some of the bear arguments put forth recently by short sellers.

Carvana’s sales growth helped push earnings per share to $1.28, surpassing the average estimate of analysts surveyed by Bloomberg. Revenue rose 42% from a year earlier and also beat estimates.