AutoNation Reports Q1

By Staff Writer May 11, 2020

AutoNation Inc. reported first quarter 2020 GAAP net loss from continuing operations of $232 million, or $2.58 per share, compared to net income from continuing operations of $92 million, or $1.02 per share, in the prior year period. First quarter 2020 adjusted net income from continuing operations was $82 million, or $0.91 per share, compared to adjusted net income from continuing operations of $86 million, or $0.95 per share, in the prior year period.

In the first quarter of 2020, the company recorded non-cash goodwill, franchise rights, and other impairment charges totaling $315 million after-tax, or $3.49 per share. These non-cash charges were primarily the result of COVID-19 related impacts to the business and market valuation. First quarter 2019 net income from continuing operations included net gains from store divestitures of $6 million after-tax, or $0.07 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

Same store first quarter 2020 revenue was $4.7 billion, a decrease of 5 percent compared to the same period a year ago. Same store first quarter 2020 gross profit totaled $812 million, a decrease of 3 percent compared to the year-ago period. Same store total variable gross profit was $423 million, a decrease of 5 percent compared to the year-ago period. Same store Customer Financial Services gross profit per vehicle retailed was an all-time record of $2,089, up $179 or 9 percent compared to the year-ago period. Same store Customer Care gross profit was $389 million, a decrease of 1 percent compared to the year-ago period.

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Last modified on Tuesday, 12 May 2020 14:11