AutoNation Sales Rise 7% - Analyst Blog
April 10 2013 - 8:40AM
Zacks
AutoNation Inc. (AN) posted a 7% rise in new
vehicle sales to 27,199 vehicles in March. Among the three
operating segments of AutoNation, growth in the Premium Luxury was
the highest in the month. Same-store retail new vehicle sales
increased 4% to 26,441 units.
Sales of the Domestic brands, which comprise stores that sell
vehicles manufactured by U.S. automakers including General
Motors (GM), grew 6% on a year-over-year basis to 8,448
units.
Sales of the Import brands, comprising stores that sell vehicles
manufactured primarily by Japanese automakers including
Toyota Motor Corp. (TM), went up 4% to 13,789
units.
Meanwhile, sales of the Premium Luxury brands, comprising stores
that sell vehicles including Daimler AG’s (DDAIF)
Mercedes Benz, BMW and Toyota Lexus, escalated 15% to 4,962
units.
In the first quarter of 2013, AutoNation’s retail new vehicle unit
sales improved 10%. Domestic sales rose 12%, Import up 6%, and
Premium Luxury increased 19% from the first quarter of 2012.
Same-store retail new vehicle unit sales in the quarter rose 7% on
a year-over-year basis.
Auto sales in the U.S. rose by 3.4% year-over-year to 1.45 million
vehicles in March, the best monthly sales in almost six years. This
translated into a seasonally adjusted rate (SAAR) of 15.27 million
units for the year, up about 8.0% from 14.14 million units in the
same month of 2012. Better construction market, cheap financing,
strong pent-up demand and improving consumer confidence continue to
fuel sales growth.
AutoNation, a Zacks Rank #4 (Sell) stock, posted a 31.4% increase
in earnings per share from continuing operations to 67 cents in the
fourth quarter of 2012 from 51 cents in the corresponding quarter
last year. With this, profits surpassed the Zacks Consensus
Estimate by 2 cents. In absolute terms, profits escalated 16.3% to
$82.9 million from $71.3 million in the year-ago quarter.
Revenues for the quarter increased 13.5% to $4.2 billion from $3.7
billion in the year-ago quarter. The growth in revenues was driven
by strong performance of all the businesses. Revenues were ahead of
the Zacks Consensus Estimate of $4.0 billion.
AUTONATION INC (AN): Free Stock Analysis Report
DAIMLER AG (DDAIF): Free Stock Analysis Report
GENERAL MOTORS (GM): Free Stock Analysis Report
TOYOTA MOTOR CP (TM): Free Stock Analysis Report
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