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Sep 30, 2021
AutoNation Q3 2021 Earnings Report
Reported sixth consecutive all-time record quarter, driven by strong consumer demand and execution.
Key Takeaways
AutoNation reported a record-breaking third quarter, with significant increases in EPS, same-store revenue, and gross profit. The company benefited from strong consumer demand outpacing supply and strategic capital allocation.
GAAP EPS from continuing operations reached an all-time record of $5.12, a 150% increase year-over-year.
Same-store revenue increased by 18% compared to the previous year and 2019.
Same-store gross profit increased by 29% year-over-year and 45% compared to 2019.
AutoNation repurchased 7.9 million shares of common stock for $879 million and authorized an additional $1 billion repurchase program.
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 anticipates continued strong sales supported by pent-up demand and strategic expansion.
Positive Outlook
- Demand continues to outpace supply for new vehicles.
- New vehicle sales are constrained by reduced production volume with low inventory levels.
- Expect this pent up demand to support sales for the foreseeable future.
- AutoNation remains on track to open two additional AutoNation USA stores in the fourth quarter of 2021.
- The Company will open 12 additional new stores in 2022.
Challenges Ahead
- New vehicle inventory remains at historically low levels.
- Supply chain disruptions.
- Transaction is subject to customary terms and conditions, including manufacturer approval.
- Economic conditions, including changes in consumer demand, unemployment rates, interest rates, fuel prices, and tariffs
- The response by federal, state, and local governments and other third parties to, and the economic impacts of, the COVID-19 pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income