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Sep 30, 2023
AutoNation Q3 2023 Earnings Report
AutoNation's Q3 2023 performance reflected revenue growth driven by new vehicle and after-sales segments, with record after-sales gross profit, despite a decrease in overall gross profit and net income compared to the previous year.
Key Takeaways
AutoNation reported a 3% increase in revenue to $6.9 billion in Q3 2023, driven by growth in new vehicle sales and after-sales, which saw a record gross profit of $546 million, up 14% year-over-year. However, diluted EPS decreased to $5.54 from $6.31 in the prior year, and gross profit declined slightly to $1.29 billion. The company continued its share repurchase program, buying back 1.3 million shares for $200 million.
Revenue increased by 3% year-over-year to $6.9 billion, driven by New Vehicle and After-Sales growth.
After-Sales gross profit reached a record $546 million, a 14% increase compared to the previous year.
Earnings Per Share (EPS) decreased to $5.54, compared to $6.31 in the prior year.
The company repurchased 1.3 million shares of common stock for $200 million.
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.com Forward Guidance
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Positive Outlook
- Statements regarding our strategic initiatives, partnerships, and investments, including AutoNation USA, AutoNation Finance, and our mobile automotive repair and maintenance business.
- Statements regarding our investments in digital and online capabilities and mobility solutions.
- Statements regarding our expectations for the future performance of our business and the automotive retail industry.
- Other statements that describe our objectives, goals, or plans.
- Our forward-looking statements reflect our current expectations concerning future results and events.
Challenges Ahead
- Our ability to implement successfully our strategic acquisitions, initiatives, partnerships, and investments, including our investments in digital and online capabilities and mobility solutions
- Our ability to identify, acquire, and build out suitable locations in a timely manner.
- Our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels.
- Our ability to acquire and integrate successfully new acquisitions; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for franchise acquisitions.
- Economic conditions, including changes in unemployment, interest, and/or inflation rates, consumer demand, fuel prices, and tariffs; supply chain disruptions and inventory availability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income