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Mar 31, 2021
AutoNation Q1 2021 Earnings Report
AutoNation reported a record first quarter with significant increases in revenue, EPS, and gross profit, driven by strong same-store sales growth and strategic capital allocation.
Key Takeaways
AutoNation reported a strong first quarter in 2021, with record adjusted EPS of $2.79, a 207% increase year-over-year. The company saw significant growth in same-store revenue and gross profit, both up by 27%. AutoNation also announced an agreement to acquire 11 stores and 1 collision center from Peacock Automotive Group, expected to add approximately $380 million in annual revenue.
GAAP EPS from continuing operations was $2.85, compared to a loss per share of $2.58 in Q1 2020.
Adjusted EPS from continuing operations reached a record $2.79, a 207% increase year-over-year.
Same-store revenue and gross profit both increased by 27% compared to the same period last year.
AutoNation is set to acquire 11 stores and 1 collision center from Peacock Automotive Group, anticipated to bring in $380 million in annual revenue.
AutoNation
AutoNation
AutoNation Revenue by Segment
Revenue by Segment
New Vehicle Revenue
CapyFin.comUsed Vehicle Revenue
CapyFin.comParts & Service Revenue
CapyFin.comFinance & Insurance Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
AutoNation is targeting to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026 and targets selling 1 million combined new and pre-owned vehicles annually.
Positive Outlook
- Targeting over 130 AutoNation USA stores by the end of 2026.
- Targeting 1 million combined new and pre-owned vehicles sold annually.
- Opening a new AutoNation USA store in San Antonio, TX by the end of Q2 2021.
- Acquisition of 11 stores and 1 collision center from Peacock Automotive Group is expected to close in the Summer.
- Remaining Board authorization for share repurchase is approximately $892 million.
Challenges Ahead
- Economic conditions, including changes in consumer demand.
- Supply chain disruptions and inventory availability.
- Restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions.
- Natural disasters and other adverse weather events.
- Regulatory factors affecting our business, including fuel economy requirements.
Revenue & Expenses
Visualization of income flow from segment revenue to net income