AutoNation ( NYSE: AN ) shares rose in premarket trading on Friday after the company reported a top and bottom line beat for the fourth quarter.
The Florida-based dealership group notched record adjusted EPS of $6.37 for the fourth quarter on $6.7B in revenue. Analysts had anticipated $5.84 and $6.52B, respectively. The company said that “higher average selling prices of vehicles, increased new vehicle unit sales, and continued growth in After-Sales” helped to offset lower used auto revenue.
New vehicle gross profit per vehicle retailed was $5,633, down from $6,450 in the prior year quarter, while used vehicle gross profit per vehicle retailed was $1,847, down from $2,063 in the comparable period of 2021.
"Our fourth quarter results capped off another record year for earnings and revenue as our Associates drove results while providing a superior Customer experience. We closed the year strong with record full-year results for After-Sales and Customer Financial Services,” CEO Mike Manley said. “We continue to perform well in the current environment while taking significant steps to address the industry transformation.”
For the full-year, the company noted that Premium Luxury segment income rose sharply, jumping 16% from the prior year to $969M. That strength helped to offset a decline in income for the domestic segment of the business.
Shares of AutoNation ( AN ) drove 3.36% higher on light volume shortly after the print .
For further details see:
AutoNation stock rises on record quarterly profits