CarGurus Reports Q4 Profit, Beats Earnings Expectations
CAMBRIDGE, Mass., Feb. 9, 2023 – CarGurus Inc. (CARG) reported a net income of $45.9 million for the fourth quarter ended December 31, 2022. This marks a recovery from a loss reported in the same period the previous year.
Financial Highlights:
* Earnings per share: $0.43 (includes stock option expense and non-recurring costs: $0.55)
* Revenue: $228.5 million
* Annual profit: $21 million
* Annual revenue: $894.4 million
Analyst Outlook:
The results exceeded analyst expectations, with five analysts surveyed by Zacks Investment Research estimating earnings at $0.50 per share.
Revenue Performance:
Revenue slightly fell short of analyst estimates, with five analysts surveyed by Zacks expecting $230.4 million.
Forward Guidance:
* Q1 2023 earnings per share: $0.41-$0.47
* Q1 2023 revenue: $216-$236 million
Share Performance:
CarGurus shares have increased approximately 3% year-to-date. As of the market close on Thursday, the stock price was $37.59, representing a 64% increase over the past 12 months.