AutoNation Q2 2022 Earnings Report
Key Takeaways
AutoNation reported second quarter 2022 EPS of $6.48, a 34% increase compared to the same period last year. Revenue was $6.9 billion, down 2% year-over-year. Operating income reached an all-time record of $558 million, a 5% increase. The company repurchased 3.7 million shares of common stock for $404 million and announced plans to acquire CIG Financial.
Second quarter EPS increased by 34% year-over-year to $6.48.
Operating income reached a record $558 million, up 5% compared to the prior year.
After-Sales gross profit increased by 11% year-over-year to $482 million.
AutoNation repurchased 3.7 million shares for $404 million and authorized an additional $1 billion repurchase program.
AutoNation
AutoNation
AutoNation Revenue by Segment
Forward Guidance
AutoNation announced its plan to acquire CIG Financial to expand it capabilities and enhance the Customer buying experience. AutoNation’s target is to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026.
Positive Outlook
- Acquisition of CIG Financial will enhance the Customer buying experience
- CIG Financial acquisition will extend AutoNation's relationship with its Customers beyond the buying experience and throughout the vehicle ownership life cycle.
- Target is to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026
- AutoNation will continue to expand its used vehicle retail business
- AutoNation authorized the repurchase of up to an additional $1 billion of AutoNation common stock
Revenue & Expenses
Visualization of income flow from segment revenue to net income