AutoNation beats earnings expectations, as total vehicle unit sales grew for the first time in 2 years

AutoNation Inc. (AN) reported Friday third-quarter profit and revenue that beat expectations, as total unit sales showed growth for the first time in two years. The new and used car retailer's stock was still inactive in the premarket. Net income fell to $243.7 million, or $5.54 a share, from $352.6 million, or $6.31 a share, in the year-ago period, but beat the FactSet EPS consensus of $5.49. Revenue grew 3.4% to $6.89 billion, above the FactSet consensus of $6.71 billion, as new vehicle revenue rose 11% while used vehicle revenue declined 10%. Total vehicle retail unit sales increased 3% to 134,806, as new vehicle sales rose 12% to 62,289 and used vehicle sales fell 3.8% to 72,517. The stock has tumbled 16.6% over the past three months, while the S&P 500 has lost 8.8%.

-Tomi Kilgore

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10-27-23 0713ET

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