CarGurus, Inc. announced its financial results for the third quarter ended September 30, 2024, on November 7, 2024, reporting robust performance driven by its Marketplace business. Marketplace revenue accelerated to 15% year-over-year growth.
The company reported consolidated GAAP Net Income of $22.5 million, an increase of 19% year-over-year, and Non-GAAP Consolidated Adjusted EBITDA of $64.9 million, up 33% year-over-year. Total revenue reached $231.4 million, surpassing analyst consensus estimates of $223.537 million.
CarGurus also reported earnings per share of $0.45, beating the analyst consensus estimate of $0.42 per share. In a move to return value to shareholders, the Board of Directors authorized a $200.0 million share repurchase program for fiscal year 2025.
Looking ahead, CarGurus provided an updated outlook for fiscal year 2024, projecting adjusted EPS between $1.67 and $1.73, exceeding previous estimates of $1.64. The company also forecast full-year sales between $885.000 million and $905.000 million, above the $883.61 million consensus estimate.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.