TRUE - TrueCar defended at Benchmark amid post-earnings stumble
Benchmark Companies defends TrueCar ([[TRUE]] -6.8%) after the stock was bid down following the Q1 earnings report. "We get that optically a q/q decline in dealer count looks bad relative to the peer group but given the magnitude of the USAA comparison, we believe underlying dealer count was likely stable to up slightly," notes analyst Daniel Kurnos. TrueCar's key Q1 operating metrics: Average monthly unique visitors increased 18.4%, units were down 15.8% to 165,858, monetization was $391 to match last year's mark and franchise dealer count was 10,446 vs. 10,589 a year ago. Looking ahead, TrueCar expects revenue in the range of $65M to $66M and adjusted EBITDA to be above breakeven.
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TrueCar defended at Benchmark amid post-earnings stumble