Shares of Carvana popped more than 30% during after-hours trading Wednesday after the used car retailer reported record results and turned a profit during the first quarter.

Here is how the company performed in the first quarter, compared with average estimates compiled by LSEG:

Earnings per share: 23 cents — it was not immediately clear if it was comparable to the loss of 74 cents expected
Revenue: $3.06 billion vs. $2.67 billion expected

Carvana reported record first-quarter net income of $49 million, compared to a $286 million loss during the prior-year period. It also posted an all-time-best adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $235 million, up from a $24 million loss a year earlier.

The company's gross profit per unit, or GPU, which is closely watched by investors, was $6,432. Carvana's adjusted EBITDA profit margin for the quarter was 7.7%.

Carvana's net income included a roughly $75 million gain in the fair value of Carvana's warrants to acquire Root Inc. common stock. This did not impact its GPU or adjusted EBITDA.

"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," Carvana CEO and Chairman Ernie Garcia III said in a release.

Garcia said the company's performance was driven by efficiency gains in its operations, especially the reconditioning of vehicles for sale as well as selling, general, and administrative expenses, among other areas.

Carvana expects to continue to grow its adjusted EBITDA profit margin further as the company continues to grow, according to Garcia. He declined to disclose how much high the company believes it can grow those results.