Carvana Co.’s stock CVNA rallied 24% in premarket trade Wednesday, as the car retailer updated fiscal first-quarter guidance while announcing a bond exchange. The company said it now expects sales and operating revenue to range from $2.4 billion to $2.6 billion, down from $3.5 billion in the year-earlier period. The FactSet consensus is for sales of $2.8 billion. “The decrease in total net sales and operating revenues is primarily driven by the reduction in retail units sold,” the company said in a regulatory filing. It now expects to sell between 76,000 and 79,000 retail units, down from 105,185 a year ago. The FactSet consensus is for sales of 83,000 retail units. It expects non-GAAP gross profit of $310 million to $350 million, compared with $314 million a year ago.
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