Strong April Sales for AutoNation - Analyst Blog
May 07 2013 - 7:00AM
Zacks
The automotive retailer AutoNation Inc. (AN)
posted a 10% year-over-year increase in retail new vehicle sales to
22,515 units in Apr 2013. The rise was attributable to strong sales
in the Domestic segment.
On a same-store basis, retail new vehicle sales went up 7% to
21,950 units. Apr 2013 had 25 selling days compared with 24 selling
days in Apr 2012.
Sales in the Domestic segment went up 20% to 7,588 vehicles. The
segment comprises retail automotive franchises that sell vehicles
manufactured by Ford Motor Co. (F), Chrysler and
others.
Sales in the Import segment went up 5% to 10,853 vehicles. The
segment covers retail automotive franchises that sell vehicles
manufactured by Toyota Motor Corp. (TM),
Honda Motor Co. (HMC) and others.
Sales in the Premium Luxury segment rose 5% to 4,074 vehicles for
the month. The segment consists of retail automotive franchises
selling vehicles manufactured by Mercedes Benz, BMW, Lexus and
others.
Auto sales in the U.S. slipped below seasonally adjusted rate
(SAAR) of 15 million units to 14.92 million vehicles in April for
the first time since October last year due to weak commercial
customer (fleet) sales. However, it increased from the year-ago
level of 14.42 million units by 3.5%.
It is expected that strong pent-up demand, easier car finance and
improving macroeconomic conditions will continue to act as a
catalyst to rejuvenate U.S. auto sales to the pre-recession
level.
Based in Fort Lauderdale, Fla, AutoNation is the largest automotive
retailer in the U.S. The company owns and operates about 262 new
vehicle franchises that sell 32 brands located in the major
metropolitan markets across 15 states.
AutoNation posted a 21.4% rise in earnings per share to 68 cents in
the first quarter of 2013 from 56 cents in the same quarter of
2012, topping the Zacks Consensus Estimate by 5 cents.
Revenues increased 10.8% to $4.1 billion, slightly ahead of the
Zacks Consensus Estimate of $4.0 billion. The revenue growth was
mainly attributable to strong new vehicle sales during the quarter.
The company retains a Zacks Rank #2 (Buy).
AUTONATION INC (AN): Free Stock Analysis Report
FORD MOTOR CO (F): Free Stock Analysis Report
HONDA MOTOR (HMC): Free Stock Analysis Report
TOYOTA MOTOR CP (TM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Toyota Motor (NYSE:TM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Toyota Motor (NYSE:TM)
Historical Stock Chart
From Jul 2023 to Jul 2024