-=AutoNation (AN) reported earnings on Wed 21 Oct 2020 (b/o)

 

AutoNation beats by $0.73, beats on revs, increases share repurchase authorization to $500 mln

Reports Q3 (Sep) earnings of $2.38 per share, $0.73 better than the S&P Capital IQ Consensus of $1.65; revenues fell 1.0% year/year to $5.41 bln vs the $5.19 bln S&P Capital IQ Consensus.

Same-store new vehicle gross profit per vehicle retailed was $2,535, up $914 or 56% compared to the year-ago period.

Same-store used vehicle gross profit per vehicle retailed was $1,994, up $602 or 43% compared to the year-ago period.

Same-store gross profit totaled $972 million, an increase of 11% compared to the year-ago period.

Plans to build over 100 AutoNation USA pre-owned vehicle stores, with over 50 completed by the end of 2025.

Share Repurchase: AN increases the outstanding share repurchase authorization to an aggregate of $500 mln. As of October 19, 2020, AutoNation had approximately 87.9 million shares outstanding.