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AutoNation Reports All-Time Record Quarterly EPS from Continuing Operations
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PR Newswire
FORT LAUDERDALE, Fla., July 29, 2016
FORT LAUDERDALE, Fla., July 29, 2016 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported second quarter 2016 net income from continuing operations of $112 million, or $1.08 per share, compared to net income from continuing operations of $115 million, or $1.00 per share, for the same period in the prior year.
Mike Jackson, Chairman, Chief Executive Officer and President, said, "We achieved record EPS from continuing operations. We benefited from our opportunistic capital allocation strategy, including acquisitions and share repurchase, and we began to see the results of adjusting our cost structure and inventory levels to the current industry selling environment. We remain focused on our strategy to manage costs and reduce our inventory levels going forward and we will continue to take advantage of capital allocation opportunities."
Mike Jackson added, "The Takata airbag recall continues to be disruptive to our business. However, in the second half of the year we anticipate improvement due to Takata airbag parts availability and compensation paid by certain manufacturers that will partially offset our costs."
Acquisitions
In July 2016, AutoNation completed the previously announced acquisition of four stores, comprised of five franchises, in the Westchester County, New York area, representing approximately $190 million in annual revenue. Upon completion of certain facilities associated with these stores, AutoNation will be awarded a Land Rover franchise and a Jaguar franchise, which are expected to generate approximately $100 million in additional annual revenue once fully operational. AutoNation also completed the acquisition of a Chrysler Jeep store in the Denver market in July 2016, representing approximately $110 million in annual revenue.
Share Repurchase
During the second quarter of 2016, AutoNation repurchased 1 million shares of common stock for an aggregate purchase price of $50 million. As of July 28, 2016, AutoNation has approximately $116 million remaining Board authorization for share repurchase and 102 million shares outstanding.
Segment Results
Segment results(1) for the second quarter and first six months of 2016 were as follows:
Second Quarter 2016 Segment Results
- Domestic - Domestic segment income(2) was $86 million compared to year-ago segment income of $85 million, an increase of 1%.
- Import - Import segment income(2) was $75 million compared to year-ago segment income of $80 million, a decrease of 7%.
- Premium Luxury - Premium Luxury segment income(2) was $93 million compared to year-ago segment income of $94 million, a decrease of 2%.
First Six Months 2016 Segment Results
- Domestic - Domestic segment income(2) was $163 million compared to year-ago segment income of $164 million, a decrease of 1%.
- Import - Import segment income(2) was $151 million compared to year-ago segment income of $155 million, a decrease of 3%.
- Premium Luxury - Premium Luxury segment income(2) was $176 million compared to year-ago segment income of $189 million, a decrease of 7%.
For the six-month period ended June 30, 2016, the Company reported net income from continuing operations of $208 million, or $1.97 per share, compared to net income from continuing operations of $227 million, or $1.97 per share, for the same period in the prior year. The Company's revenue for the six-month period ended June 30, 2016, totaled $10.6 billion, up 4% compared to $10.2 billion for the same period in the prior year.
The second quarter conference call may be accessed by telephone at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on July 29, 2016, through August 29, 2016 by calling (866) 382-4783 (password 5423).
| (1) | AutoNation has three operating segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and FCA US (formerly Chrysler); the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, and Audi. |
| | |
| (2) | Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense. |
About AutoNation, Inc.
AutoNation is America's largest automotive retailer, currently owning and operating over 360 new vehicle franchises from coast to coast. AutoNation sold its 10 millionth vehicle in 2015, the first automotive retailer to reach this milestone. A commitment to delivering a peerless experience through customer-focused sales and service processes is what drives AutoNation's success. AutoNation supports the Breast Cancer Research Foundation through its Drive Pink Campaign. AutoNation is transforming the automotive industry through bold leadership, technology and innovation.
Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
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. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, open safety recalls, and expectations for the future performance of our franchises and the automotive retail industry, as well as statements that describe our objectives, goals, or plans are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: economic conditions, including conditions in the credit markets and changes in interest rates; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
| AUTONATION, INC. | |||||||||
| UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS | |||||||||
| (In millions, except per share data) | |||||||||
| | | | | | | | | | |
| | | | Three Months Ended June 30, | | Six Months Ended June 30, | ||||
| | | | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | | | | | | |
| Revenue: | | | | | | | | | |
| | New vehicle | $ | 3,071.9 | $ | 2,967.8 | $ | 5,872.1 | $ | 5,737.4 |
| | Used vehicle | | 1,259.4 | | 1,216.3 | | 2,501.0 | | 2,409.5 |
| | Parts and service | | 834.7 | | 777.8 | | 1,655.1 | | 1,521.2 |
| | Finance and insurance, net | | 225.4 | | 217.7 | | 448.5 | | 425.3 |
| | Other | | 50.0 | | 44.7 | | 84.3 | | 75.1 |
| Total revenue | | 5,441.4 | | 5,224.3 | | 10,561.0 | | 10,168.5 | |
| | | | | | | | | | |
| Cost of sales: | | | | | | | | | |
| | New vehicle | | 2,909.1 | | 2,801.7 | | 5,560.1 | | 5,409.8 |
| | Used vehicle | | 1,175.4 | | 1,125.2 | | 2,326.0 | | 2,214.7 |
| | Parts and service | | 473.1 | | 440.6 | | 938.8 | | 864.0 |
| | Other | | 42.0 | | 37.7 | | 68.4 | | 61.0 |
| Total cost of sales | | 4,599.6 | | 4,405.2 | | 8,893.3 | | 8,549.5 | |
| | | | | | | | | | |
| Gross profit | | 841.8 | | 819.1 | | 1,667.7 | | 1,619.0 | |
| | | | | | | | | | |
| Selling, general, and administrative expenses | | 585.2 | | 568.7 | | 1,173.9 Werbung Mehr Nachrichten zur AutoNation Aktie kostenlos abonnieren
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