AutoNation Q2 Result Smashes Estimates; Announces $1B Share Buyback

  • Automotive retailer AutoNation Inc AN reported second-quarter FY21 sales growth of 54% year-on-year to $6.98 billion, beating the analyst consensus of $6.02 billion.
  • Same-store new vehicle retail unit sales increased 42% Y/Y while used vehicle retail unit sales rose 37% Y/Y.
  • Domestic segment income rose 106% Y/Y, import segment sales grew 131% Y/Y, and premium luxury segment sales rose 153% Y/Y.
  • Gross profit improved 68% Y/Y to $1.3 billion, and the gross profit margin gained 150 basis points Y/Y to 19%.
  • Selling, general and administrative (SG&A) expenses were 56.5% of gross profit.
  • The operating margin for the quarter was 7.6%, and operating income was $530.2 million.
  • The adjusted net income from continuing operations was $384.9 million in the quarter.
  • EPS from continuing operations of $4.83 beat the analyst consensus of $2.58.
  • Cash and equivalents totaled $59.5 million as of June 30, 2021.
  • AutoNation announced that its Board of Directors had authorized the repurchase of up to an additional $1 billion of stock.
  • Looking ahead into 2022, it expects demand to outpace supply for new vehicles due to consumers' preference for personal transportation coupled with lower interest rates.
  • Price action: AN shares are trading higher by 0.15% at $102.75 in premarket on the last check Monday.

Posted In: BriefsEarningsNewsBuybacks

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.