AutoNation Earnings: Here’s Why the Stock is Down Now
AutoNation Inc. (NYSE:AN) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.50%.
AutoNation Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 10.61% to $0.73 in the quarter versus EPS of $0.66 in the year-earlier quarter.
Revenue: Rose 13.37% to $4.43 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: AutoNation Inc. reported adjusted EPS income of $0.73 per share. By that measure, the company missed the mean analyst estimate of $0.73. It beat the average revenue estimate of $4.33 billion.
Quoting Management: Mike Jackson, Chairman and Chief Executive Officer, said, “We delivered double-digit growth in operating income in the second quarter, driven by year-over-year gross profit growth in all of our business sectors.”
Commenting on the automotive retail environment, Mr. Jackson added, “The automotive industry continues to be a bright spot in the U.S. economy. We are particularly excited about our customer care business, where increasing units in operation should continue to support solid growth in the business for the next several years.”
Key Stats (on next page)…