- AutoNation Inc AN reported third-quarter FY22 sales growth of 4% year-on-year to $6.67 billion, missing the consensus of $6.83 billion.
- Higher average selling prices of vehicles and continued growth in After-Sales and Customer Financial Services more than offset lower unit sales of new and used vehicles.
- New vehicle retail unit sales fell 5% and used vehicle retail unit sales declined 3%.
- Segment income from Domestic fell 4% Y/Y, Import dropped 10%, and Premium Luxury rose 14%.
- Gross profit improved 3% Y/Y to $1.3 billion, and the gross profit margin contracted 20 basis points Y/Y to 19.7%. After-Sales gross profit increased 13% to $479 million.
- Selling, general and administrative (SG&A) expenses increased by 5.5%.
- The operating margin for the quarter was 7.8%, and the operating income was $523 million, a 4% Y/Y increase.
- Adjusted EPS of $6.00 missed the consensus of $6.31.
- Cash and equivalents totaled $442.9 million as of September 30, 2022.
- AutoNation today announced an agreement to acquire four dealerships, representing nine franchises, from Moreland Auto Group, representing approximately $320 million in annual revenue.
- Buyback: The Board of Directors authorized up to an additional $1 billion of common stock repurchase, bringing the total available authorization to $1.4 billion.
- Price Action: AN shares are trading higher by 5.31% at $107.84 on the last check Thursday.
- Photo Via Company
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