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- AutoNation Inc AN reported a second-quarter FY22 sales decline of 2% year-on-year to $6.87 billion, beating the consensus of $6.84 billion.
- New vehicle revenue declined 14%, while used vehicle revenue increased 13%.
- Segment income from Domestic fell 9% Y/Y, Import dropped 5%, and Premium Luxury rose 14%.
- Gross profit improved 3% Y/Y to $1.4 billion, and the gross profit margin expanded 80 basis points Y/Y to 19.8%. After-Sales gross profit increased 11% to $482 million.
- Selling, general and administrative (SG&A) expenses increased by 0.8%.
- The operating margin for the quarter was 8.1%, and operating income was $558.1 million, a 5.3% Y/Y increase.
- EPS of $6.48 beat the consensus of $6.06.
- Buyback: AN Board authorized up to an additional $1 billion of stock repurchase.
- Acquisition: AutoNation agreed to acquire CIG Financial, an auto finance company based in Irvine, California. Financial details were not disclosed. This acquisition enhances the company's used vehicle business.
- Cash and equivalents totaled $336.5 million as of June 30, 2022.
- Price Action: AN shares are trading lower by 3.49% at $117.92 on the last check Thursday.
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