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Carvana swings to profit in Q2

Carvana Co. said its normalized net income for the second quarter amounted to $34,250, compared with a loss of $11.3 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 0.0% from negative 13.1% in the year-earlier period.

Total revenue grew on an annual basis to $209.4 million from $86.5 million, and total operating expenses grew year over year to $245.3 million from $103.8 million.

Reported net income came to a loss of $4.3 million, or a loss of 28 cents per share, compared to a loss of $2.0 million, or a loss of 13 cents per share, in the year-earlier period.