Co. (NYSE:) reported on Wednesday first-quarter earnings that smashed analyst expectations, leading to a stock price surge of more than 33% in after-hours trading.

The used car retailer reported earnings per share (EPS) of $0.23 for the quarter, significantly surpassing the consensus expectation of a $0.67 loss per share. The company also beat revenue expectations, recording $3.06 billion against a consensus estimate of $2.68 billion.

The company said it registered a record 7.7% adjusted EBITDA margin, “higher than all U.S. publicly traded automotive retailers in Q1.”

Looking ahead, Carvana expressed confidence in achieving year-over-year growth in retail units sold and adjusted EBITDA for FY 2024, citing strong results in Q1 and a positive outlook for Q2.

The company also stated it will no longer provide full-year 2024 updates and will instead focus on quarterly results in future communications.

“In the first quarter, we delivered our best results in company history, validating our long-held belief that Carvana’s online retail model can drive industry-leading profitability while delivering industry-leading customer experiences,” said Ernie Garcia, Carvana Founder and CEO.

“With these strong results, significant fundamental margin opportunities ahead, and a nationwide infrastructure that can support multiples of our current scale, we have never been more confident in our opportunity to become the largest and most profitable automotive retailer and to buy and sell millions of cars."