Carvana Co (NYSE:CVNA) shares are trading higher Wednesday after the company announced an improved third-quarter outlook. 

What Happened: Carvana said it has been seeing fundamental progress in key business drivers and momentum early in the third quarter. As a result, the company raised its adjusted EBITDA guidance and highlighted gross profit per unit improvements. 

Carvana previously said it anticipated positive third-quarter adjusted EBITDA. The company now expects adjusted EBITDA to be above $75 million.

Gross profit per unit was previously forecasted at $5,000 for the third quarter, but Carvana now expects it to be above $5,500. 

"In the first two quarters of 2023, Carvana posted best-ever quarterly GPU and adjusted EBITDA performances, and our continuing performance so far this quarter has led us to raise our Q3 outlook," said Mark Jenkins, CFO of Carvana.

"Our strong execution is continuing to drive lasting business improvements, including significant fundamental gains in Retail and Wholesale GPU, that will power future results."

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CVNA Price Action: Carvana shares are up more than 800% since the start of the year.

The stock was up 9.73% at $47.99 at the time of publication, according to Benzinga Pro.

Photo: Tony Webster from Flickr.