Shares of Carvana (CVNA) are up more than 30% after the online used car retailer reported record quarterly financial results and turned a profit during the year’s first quarter.

The Tempe, Arizona-based company announced earnings per share (EPS) of $0.23 U.S. compared to a loss of $0.74 U.S. that was expected among analysts.

Revenue in Q1 totaled $3.06 billion U.S. versus $2.67 billion U.S. that was anticipated on Wall Street.

The financial results are records for Carvana, which has been in business since 2012. The company’s profit margin for the quarter was 7.7%.

The strong print was attributed to efficiency gains in its operations and the reconditioning of vehicles for sale.

Carvana plans further cost reductions and efficiency gains that will increase profitability further through areas such as advertising, overhead, and operational expenses.

For the current second quarter, Carvana expects a sequential increase in its year-over-year growth rate in retail units, and a sequential increase in earnings.

The latest results come after a major restructuring at Carvana, with the company pivoting to focus on profitability rather than growth after bankruptcy concerns emerged in 2022, decimating the stock.

Carvana’s stock has since recovered and, prior to today (May 2), is up 78% on the year and trading at $87.09 U.S. per share.