AutoNation Reports 1Q Results

By Staff Writer April 21, 2021

AutoNation Inc. reported first quarter 2021 net income from continuing operations of $240 million, or $2.85 per share. First quarter 2021 GAAP results included a gain related to the sale of our remaining equity investment in Vroom of $6 million after-tax, or $0.07 per share. First quarter 2020 net loss from continuing operations was $232 million, or $2.58 per share. 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 2021 Adjusted EPS from continuing operations was an all-time record $2.79, an increase of 207% compared to the first quarter 2020 Adjusted EPS from continuing operations of $0.91. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

First quarter 2021 Operational Summary:

  • New Vehicle Retail Unit Sales – Same-store new vehicle unit sales increased 22% compared to the prior year and increased 12% compared to the first quarter of 2019.
  • Used Vehicle Retail Unit Sales – Same-store used vehicle unit sales increased 28% compared to the prior year and increased 20% compared to the first quarter of 2019.
  • Revenue – Same-store revenue was $5.9 billion, an increase of 27% compared to the year-ago period.
  • Gross Profit - Same-store gross profit totaled $1.0 billion, an increase of 27% compared to the year-ago period.
  • New Vehicle Gross Profit - Same-store new vehicle gross profit per vehicle retailed was $2,739, up $1,041 or 61% compared to the year-ago period.
  • Used Vehicle Gross Profit - Same-store used vehicle gross profit per vehicle retailed was $1,744, up $255 or 17% compared to the year-ago period.
  • Customer Financial Services Gross Profit - Same-store Customer Financial Services gross profit per vehicle retailed was a record $2,218, up $128 or 6% compared to the year-ago period.
  • SG&A as a Percentage of Gross Profit –SG&A as a percentage of gross profit was 62.7%, an improvement of 1,120 basis points compared to the prior year.
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Last modified on Wednesday, 21 April 2021 13:34