AUTONATION, INC. FORT LAUDERDALE, Fla., July 29, 2016 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported second quarter 2016 net income from continuing operations of $112 million, or $1.08 per share, compared to net income from continuing operations of $115 million, or $1.00 per share, for the same period in the prior year.
Mike Jackson, Chairman, Chief Executive Officer and President, said, "We achieved record EPS from continuing operations. We benefited from our opportunistic capital allocation strategy, including acquisitions and share repurchase, and we began to see the results of adjusting our cost structure and inventory levels to the current industry selling environment. We remain focused on our strategy to manage costs and reduce our inventory levels going forward and we will continue to take advantage of capital allocation opportunities."
Mike Jackson added, "The Takata airbag recall continues to be disruptive to our business. However, in the second half of the year we anticipate improvement due to Takata airbag parts availability and compensation paid by certain manufacturers that will partially offset our costs."
Acquisitions
In July 2016, AutoNation completed the previously announced acquisition of four stores, comprised of five franchises, in the Westchester County, New York area, representing approximately $190 million in annual revenue. Upon completion of certain facilities associated with these stores, AutoNation will be awarded a Land Rover franchise and a Jaguar franchise, which are expected to generate approximately $100 million in additional annual revenue once fully operational. AutoNation also completed the acquisition of a Chrysler Jeep store in the Denver market in July 2016, representing approximately $110 million in annual revenue.
Share Repurchase
During the second quarter of 2016, AutoNation repurchased 1 million shares of common stock for an aggregate purchase price of $50 million. As of July 28, 2016, AutoNation has approximately $116 million remaining Board authorization for share repurchase and 102 million shares outstanding.
Segment Results
Segment results((1)) for the second quarter and first six months of 2016 were as follows:
Second Quarter 2016 Segment Results
-- Domestic - Domestic segment income((2)) was $86 million compared to
year-ago segment income of $85 million, an increase of 1%.
-- Import - Import segment income((2)) was $75 million compared to year-ago
segment income of $80 million, a decrease of 7%.
-- Premium Luxury - Premium Luxury segment income((2)) was $93 million
compared to year-ago segment income of $94 million, a decrease of 2%.
First Six Months 2016 Segment Results
-- Domestic - Domestic segment income((2)) was $163 million compared to
year-ago segment income of $164 million, a decrease of 1%.
-- Import - Import segment income((2)) was $151 million compared to
year-ago segment income of $155 million, a decrease of 3%.
-- Premium Luxury - Premium Luxury segment income((2)) was $176 million
compared to year-ago segment income of $189 million, a decrease of 7%.
For the six-month period ended June 30, 2016, the Company reported net income from continuing operations of $208 million, or $1.97 per share, compared to net income from continuing operations of $227 million, or $1.97 per share, for the same period in the prior year. The Company's revenue for the six-month period ended June 30, 2016, totaled $10.6 billion, up 4% compared to $10.2 billion for the same period in the prior year.
The second quarter conference call may be accessed by telephone at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's investor relations website at http://investors.autonation.com.
The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on July 29, 2016, through August 29, 2016 by calling (866) 382-4783 (password 5423).
(1) AutoNation has three operating
segments: Domestic, Import, and
Premium Luxury. The Domestic
segment is comprised of stores
that sell vehicles manufactured
by General Motors, Ford, and FCA
US (formerly Chrysler); the
Import segment is comprised of
stores that sell vehicles
manufactured primarily by
Toyota, Honda, Nissan, and
Hyundai; and the Premium Luxury
segment is comprised of stores
that sell vehicles manufactured
primarily by Mercedes-Benz,
BMW, Lexus, and Audi.
(2) Segment income represents income
for each of our reportable
segments and is defined as
operating income less floorplan
interest expense.
About AutoNation, Inc.
AutoNation is America's largest automotive retailer, currently owning and operating over 360 new vehicle franchises from coast to coast. AutoNation sold its 10 millionth vehicle in 2015, the first automotive retailer to reach this milestone. A commitment to delivering a peerless experience through customer-focused sales and service processes is what drives AutoNation's success. AutoNation supports the Breast Cancer Research Foundation through its Drive Pink Campaign. AutoNation is transforming the automotive industry through bold leadership, technology and innovation.
Please visit investors.autonation.com, www.autonation.com, www.autonationdrive.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our strategic initiatives, open safety recalls, and expectations for the future performance of our franchises and the automotive retail industry, as well as statements that describe our objectives, goals, or plans are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: economic conditions, including conditions in the credit markets and changes in interest rates; new and used vehicle margins; the success and financial viability and the incentive and marketing programs of vehicle manufacturers and distributors with which we hold franchises; our ability to maintain and enhance our retail brands and reputation and to attract consumers to our own digital channels; our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; restrictions imposed by vehicle manufacturers and our ability to obtain manufacturer approval for acquisitions; natural disasters and other adverse weather events; the resolution of legal and administrative proceedings; regulatory factors affecting our business, including fuel economy requirements; the announcement of safety recalls; factors affecting our goodwill and other intangible asset impairment testing; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
AUTONATION, INC.
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS
(In millions, except per share data)
Three Months Ended June Six Months Ended June
30, 30,
------------------------ ----------------------
2016 2015 2016 2015
---- ---- ---- ----
Revenue:
New vehicle $3,071.9 $2,967.8 $5,872.1 $5,737.4
Used vehicle 1,259.4 1,216.3 2,501.0 2,409.5
Parts and service 834.7 777.8 1,655.1 1,521.2
Finance and insurance, net 225.4 217.7 448.5 425.3
Other 50.0 44.7 84.3 75.1
Total revenue 5,441.4 5,224.3 10,561.0 10,168.5
------- ------- -------- --------
Cost of sales:
New vehicle 2,909.1 2,801.7 5,560.1 5,409.8
Used vehicle 1,175.4 1,125.2 2,326.0 2,214.7
Parts and service 473.1 440.6 938.8 864.0
Other 42.0 37.7 68.4 61.0
Total cost of sales 4,599.6 4,405.2 8,893.3 8,549.5
------- ------- ------- -------
Gross profit 841.8 819.1 1,667.7 1,619.0
Selling, general, and administrative expenses 585.2 568.7 1,173.9 1,126.3
Depreciation and amortization 35.9 32.1 70.7 60.8
Other income, net (5.8) (3.8) (10.8) (5.1)
---- ---- ----- ----
Operating income 226.5 222.1 433.9 437.0
Non-operating income (expense) items:
Floorplan interest expense (19.3) (14.2) (38.2) (27.4)
Other interest expense (28.7) (21.6) (57.0) (43.0)
Interest income 0.4 - 0.5 0.1
Other income, net 4.2 0.5 0.8 1.6
Income from continuing operations before income taxes 183.1 186.8 340.0 368.3
Income tax provision 71.0 71.6 131.7 141.4
---- ---- ----- -----
Net income from continuing operations 112.1 115.2 208.3 226.9
Loss from discontinued operations, net of income taxes (0.1) (0.1) (0.4) (0.3)
---- ---- ---- ----
Net income $112.0 $115.1 $207.9 $226.6
Diluted earnings (loss) per share*:
Continuing operations $1.08 $1.00 $1.97 $1.97
Discontinued operations $ - $ - $ - $ -
Net income $1.08 $1.00 $1.97 $1.97
Weighted average common shares outstanding 103.6 115.1 105.5 115.1
Common shares outstanding, net of treasury stock, at period end 102.2 113.4 102.2 113.4
* Earnings per share amounts are calculated discretely and therefore may not add up to the total due to rounding.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended June 30, Six Months Ended June 30,
-------------------- --------------------------- -------------------------
2016 2015 $ Variance % Variance 2016 2015 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $3,071.9 $2,967.8 $104.1 3.5 $5,872.1 $5,737.4 $134.7 2.3
Retail used vehicle 1,122.6 1,109.1 13.5 1.2 2,242.5 2,203.2 39.3 1.8
Wholesale 136.8 107.2 29.6 27.6 258.5 206.3 52.2 25.3
----- ----- ---- ----- ----- ----
Used vehicle 1,259.4 1,216.3 43.1 3.5 2,501.0 2,409.5 91.5 3.8
Finance and insurance, net 225.4 217.7 7.7 3.5 448.5 425.3 23.2 5.5
Total variable operations 4,556.7 4,401.8 154.9 3.5 8,821.6 8,572.2 249.4 2.9
Parts and service 834.7 777.8 56.9 7.3 1,655.1 1,521.2 133.9 8.8
Other 50.0 44.7 5.3 84.3 75.1 9.2
Total revenue $5,441.4 $5,224.3 $217.1 4.2 $10,561.0 $10,168.5 $392.5 3.9
Gross profit:
New vehicle $162.8 $166.1 $(3.3) (2.0) $312.0 $327.6 $(15.6) (4.8)
Retail used vehicle 86.7 91.4 (4.7) (5.1) 180.4 193.9 (13.5) (7.0)
Wholesale (2.7) (0.3) (2.4) (5.4) 0.9 (6.3)
----
Used vehicle 84.0 91.1 (7.1) (7.8) 175.0 194.8 (19.8) (10.2)
Finance and insurance 225.4 217.7 7.7 3.5 448.5 425.3 23.2 5.5
Total variable operations 472.2 474.9 (2.7) (0.6) 935.5 947.7 (12.2) (1.3)
Parts and service 361.6 337.2 24.4 7.2 716.3 657.2 59.1 9.0
Other 8.0 7.0 1.0 15.9 14.1 1.8
Total gross profit 841.8 819.1 22.7 2.8 1,667.7 1,619.0 48.7 3.0
Selling, general, and administrative expenses 585.2 568.7 (16.5) (2.9) 1,173.9 1,126.3 (47.6) (4.2)
Depreciation and amortization 35.9 32.1 (3.8) 70.7 60.8 (9.9)
Other income, net (5.8) (3.8) 2.0 (10.8) (5.1) 5.7
---- ---- --- ----- ---- ---
Operating income 226.5 222.1 4.4 2.0 433.9 437.0 (3.1) (0.7)
Non-operating income (expense) items:
Floorplan interest expense (19.3) (14.2) (5.1) (38.2) (27.4) (10.8)
Other interest expense (28.7) (21.6) (7.1) (57.0) (43.0) (14.0)
Interest income 0.4 - 0.4 0.5 0.1 0.4
Other income, net 4.2 0.5 3.7 0.8 1.6 (0.8)
--- ----
Income from continuing operations before income taxes $183.1 $186.8 $(3.7) (2.0) $340.0 $368.3 $(28.3) (7.7)
Retail vehicle unit sales:
New 85,654 85,245 409 0.5 164,678 163,805 873 0.5
Used 56,637 57,370 (733) (1.3) 114,740 115,994 (1,254) (1.1)
---- ------
142,291 142,615 (324) (0.2) 279,418 279,799 (381) (0.1)
======= ======= ==== ======= ======= ====
Revenue per vehicle retailed:
New $35,864 $34,815 $1,049 3.0 $35,658 $35,026 $632 1.8
Used $19,821 $19,332 $489 2.5 $19,544 $18,994 $550 2.9
Gross profit per vehicle retailed:
New $1,901 $1,949 $(48) (2.5) $1,895 $2,000 $(105) (5.3)
Used $1,531 $1,593 $(62) (3.9) $1,572 $1,672 $(100) (6.0)
Finance and insurance $1,584 $1,526 $58 3.8 $1,605 $1,520 $85 5.6
Total variable operations(1) $3,338 $3,332 $6 0.2 $3,367 $3,384 $(17) (0.5)
Operating Percentages Three Months Ended June
30, Six Months Ended June 30,
--------------------- ------------------------ -------------------------
2016 (%) 2015 (%) 2016 (%) 2015 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 56.5 56.8 55.6 56.4
Used vehicle 23.1 23.3 23.7 23.7
Parts and service 15.3 14.9 15.7 15.0
Finance and insurance, net 4.1 4.2 4.2 4.2
Other 1.0 0.8 0.8 0.7
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 19.3 20.3 18.7 20.2
Used vehicle 10.0 11.1 10.5 12.0
Parts and service 43.0 41.2 43.0 40.6
Finance and insurance 26.8 26.6 26.9 26.3
Other 0.9 0.8 0.9 0.9
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a percentage of revenue:
Gross profit:
New vehicle 5.3 5.6 5.3 5.7
Used vehicle - retail 7.7 8.2 8.0 8.8
Parts and service 43.3 43.4 43.3 43.2
Total 15.5 15.7 15.8 15.9
Selling, general, and administrative expenses 10.8 10.9 11.1 11.1
Operating income 4.2 4.3 4.1 4.3
Operating items as a percentage of total gross profit:
Selling, general, and administrative expenses 69.5 69.4 70.4 69.6
Operating income 26.9 27.1 26.0 27.0
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new
vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.
AUTONATION, INC.
UNAUDITED SUPPLEMENTARY DATA
($ in millions)
Segment Operating Highlights Three Months Ended June 30, Six Months Ended June 30,
---------------------------- --------------------------- -------------------------
2016 2015 $ Variance % Variance 2016 2015 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
Domestic $1,995.1 $1,764.2 $230.9 13.1 $3,843.3 $3,429.9 $413.4 12.1
Import 1,748.1 1,795.0 (46.9) (2.6) 3,423.1 3,473.7 (50.6) (1.5)
Premium luxury 1,644.7 1,633.0 11.7 0.7 3,185.0 3,196.2 (11.2) (0.4)
Total 5,387.9 5,192.2 195.7 3.8 10,451.4 10,099.8 351.6 3.5
Corporate and other 53.5 32.1 21.4 66.7 109.6 68.7 40.9 59.5
Total consolidated revenue $5,441.4 $5,224.3 $217.1 4.2 10,561.0 $10,168.5 $392.5 3.9
Segment income*:
Domestic $85.6 $84.9 $0.7 0.8 $163.0 $164.2 $(1.2) (0.7)
Import 74.6 80.1 (5.5) (6.9) 150.7 155.1 (4.4) (2.8)
Premium luxury 92.9 94.4 (1.5) (1.6) 175.9 188.5 (12.6) (6.7)
Total 253.1 259.4 (6.3) (2.4) 489.6 507.8 (18.2) (3.6)
Corporate and other (45.9) (51.5) 5.6 (93.9) (98.2) 4.3
Add: Floorplan interest expense 19.3 14.2 5.1 38.2 27.4 10.8
Operating income $226.5 $222.1 $4.4 2.0 $433.9 $437.0 $(3.1) (0.7)
* Segment income represents income for each of our reportable segments and is defined as operating income less floorplan interest expense.
Retail new vehicle unit sales:
Domestic 30,654 27,871 2,783 10.0 58,407 53,621 4,786 8.9
Import 38,346 40,279 (1,933) (4.8) 74,127 77,193 (3,066) (4.0)
Premium luxury 16,654 17,095 (441) (2.6) 32,144 32,991 (847) (2.6)
85,654 85,245 409 0.5 164,678 163,805 873 0.5
====== ====== === ======= ======= ===
Brand Mix - New Vehicle Retail Units Sold
-----------------------------------------
Three Months Ended June
30, Six Months Ended June 30,
------------------------ -------------------------
2016 (%) 2015 (%) 2016 (%) 2015 (%)
------- ------- ------- -------
Domestic:
Ford, Lincoln 14.9 15.8 15.0 16.1
Chevrolet, Buick, Cadillac, GMC 11.1 10.2 11.2 10.0
Chrysler, Dodge, Jeep, Ram 9.8 6.7 9.3 6.6
Domestic total 35.8 32.7 35.5 32.7
Import:
Toyota 17.4 19.3 17.4 19.0
Honda 13.1 11.3 12.6 11.1
Nissan 7.7 9.8 8.4 9.9
Other Import 6.6 6.8 6.6 7.2
Import total 44.8 47.2 45.0 47.2
Premium Luxury:
Mercedes-Benz 8.4 8.4 8.3 8.2
BMW 4.1 4.5 4.2 4.7
Lexus 2.5 2.7 2.7 2.9
Audi 2.3 2.1 2.2 2.0
Other Premium Luxury (Land Rover, Porsche) 2.1 2.4 2.1 2.3
Premium Luxury total 19.4 20.1 19.5 20.1
100.0 100.0 100.0 100.0
===== ===== ===== =====
AUTONATION, INC
UNAUDITED SUPPLEMENTARY DATA, Continued
($ in millions)
Capital Expenditures / Stock Repurchases Three Months Ended June 30, Six Months Ended June 30,
---------------------------------------- --------------------------- -------------------------
2016 2015 2016 2015
---- ---- ---- ----
Capital expenditures (1) $61.7 $71.2 $112.4 $134.1
Cash paid for acquisitions, net of cash acquired (2) $6.3 $45.4 $262.9 $73.1
Proceeds from exercises of stock options $2.6 $6.3 $3.2 $18.8
Stock repurchases:
Aggregate purchase price $50.0 $50.0 $420.6 $59.1
Shares repurchased (in millions) 1.0 0.8 8.9 0.9
Floorplan Assistance and Expense Three Months Ended June 30, Six Months Ended June 30,
-------------------------------- --------------------------- -------------------------
2016 2015 Variance 2016 2015 Variance
---- ---- -------- ---- ---- --------
Floorplan assistance earned (included in cost of sales) $31.2 $29.4 $1.8 $60.5 $56.1 $4.4
New vehicle floorplan interest expense (18.0) (13.4) (4.6) (35.9) (25.8) (10.1)
Net new vehicle inventory carrying benefit $13.2 $16.0 $(2.8) $24.6 $30.3 $(5.7)
===== ===== ===== ===== ===== =====
Balance Sheet and Other Highlights
----------------------------------
June 30, 2016 December 31, 2015 June 30, 2015
------------- ----------------- -------------
Cash and cash equivalents $54.7 $74.1 $65.3
Inventory $3,661.4 $3,612.0 $3,230.7
Total floorplan notes payable $3,802.8 $3,727.1 $3,321.4
Non-vehicle debt (3) $2,708.1 $2,356.5 $2,124.3
Equity $2,158.2 $2,349.3 $2,285.3
New days supply (industry standard of selling days) 73 days 68 days 63 days
Used days supply (trailing calendar month days) 44 days 43 days 36 days
Key Credit Agreement Covenant Compliance Calculations(4)
-------------------------------------------------------
Leverage ratio 2.65x
Covenant less than or equal to 3.75x
-------- --------------------- -----
Capitalization ratio 63.8%
Covenant less than or equal to 70.0%
-------- --------------------- ----
(1) Includes accrued construction in progress and excludes property associated with capital leases
entered into during the period.
(2) Excludes capital leases and deferred purchase price commitments.
(3) Pursuant to an accounting standard update effective January 1, 2016, all debt issuance costs have
been reclassified, with the exception of those related to our revolving credit facility, as a
direct reduction from the carrying amount of the related debt liability for both current and prior
periods.
(4) Calculated in accordance with our credit agreement as filed with the SEC.
AUTONATION, INC.
UNAUDITED SAME STORE DATA
($ in millions, except per vehicle data)
Operating Highlights Three Months Ended June 30, Six Months Ended June 30,
-------------------- --------------------------- -------------------------
2016 2015 $ Variance % Variance 2016 2015 $ Variance % Variance
---- ---- ---------- ---------- ---- ---- ---------- ----------
Revenue:
New vehicle $2,857.7 $2,906.6 $(48.9) (1.7) $5,458.1 $5,615.0 $(156.9) (2.8)
Retail used vehicle 1,042.3 1,080.1 (37.8) (3.5) 2,073.3 2,145.5 (72.2) (3.4)
Wholesale 126.5 105.3 21.2 20.1 243.0 202.0 41.0 20.3
Used vehicle 1,168.8 1,185.4 (16.6) (1.4) 2,316.3 2,347.5 (31.2) (1.3)
Finance and insurance, net 211.0 213.1 (2.1) (1.0) 420.4 416.2 4.2 1.0
Total variable operations 4,237.5 4,305.1 (67.6) (1.6) 8,194.8 8,378.7 (183.9) (2.2)
Parts and service 773.3 756.8 16.5 2.2 1,530.6 1,479.9 50.7 3.4
Other 50.0 44.5 5.5 84.0 74.9 9.1
Total revenue $5,060.8 $5,106.4 $(45.6) (0.9) $9,809.4 $9,933.5 $(124.1) (1.2)
Gross profit:
New vehicle $152.7 $163.5 $(10.8) (6.6) $292.3 $322.2 $(29.9) (9.3)
Retail used vehicle 80.9 94.4 (13.5) (14.3) 168.1 190.4 (22.3) (11.7)
Wholesale (2.3) (5.2) 2.9 (4.8) - (4.8)
Used vehicle 78.6 89.2 (10.6) (11.9) 163.3 190.4 (27.1) (14.2)
Finance and insurance 211.0 213.1 (2.1) (1.0) 420.4 416.2 4.2 1.0
Total variable operations 442.3 465.8 (23.5) (5.0) 876.0 928.8 (52.8) (5.7)
Parts and service 337.0 327.9 9.1 2.8 665.2 639.1 26.1 4.1
Other 7.5 6.7 0.8 14.5 13.9 0.6
Total gross profit $786.8 $800.4 $(13.6) (1.7) $1,555.7 $1,581.8 $(26.1) (1.7)
Retail vehicle unit sales:
New 79,420 83,178 (3,758) (4.5) 152,617 159,659 (7,042) (4.4)
Used 52,275 55,599 (3,324) (6.0) 105,463 112,377 (6,914) (6.2)
------ ------
131,695 138,777 (7,082) (5.1) 258,080 272,036 (13,956) (5.1)
======= ======= ====== ======= ======= =======
Revenue per vehicle retailed:
New $35,982 $34,944 $1,038 3.0 $35,763 $35,169 $594 1.7
Used $19,939 $19,427 $512 2.6 $19,659 $19,092 $567 3.0
Gross profit per vehicle retailed:
New $1,923 $1,966 $(43) (2.2) $1,915 $2,018 $(103) (5.1)
Used $1,548 $1,698 $(150) (8.8) $1,594 $1,694 $(100) (5.9)
Finance and insurance $1,602 $1,536 $66 4.3 $1,629 $1,530 $99 6.5
Total variable operations(1) $3,376 $3,394 $(18) (0.5) $3,413 $3,414 $(1) -
Operating Percentages Three Months Ended June
30, Six Months Ended June 30,
--------------------- ------------------------ -------------------------
2016 (%) 2015 (%) 2016 (%) 2015 (%)
------- ------- ------- -------
Revenue mix percentages:
New vehicle 56.5 56.9 55.6 56.5
Used vehicle 23.1 23.2 23.6 23.6
Parts and service 15.3 14.8 15.6 14.9
Finance and insurance, net 4.2 4.2 4.3 4.2
Other 0.9 0.9 0.9 0.8
100.0 100.0 100.0 100.0
===== ===== ===== =====
Gross profit mix percentages:
New vehicle 19.4 20.4 18.8 20.4
Used vehicle 10.0 11.1 10.5 12.0
Parts and service 42.8 41.0 42.8 40.4
Finance and insurance 26.8 26.6 27.0 26.3
Other 1.0 0.9 0.9 0.9
100.0 100.0 100.0 100.0
===== ===== ===== =====
Operating items as a percentage of revenue:
Gross profit:
New vehicle 5.3 5.6 5.4 5.7
Used vehicle - retail 7.8 8.7 8.1 8.9
Parts and service 43.6 43.3 43.5 43.2
Total 15.5 15.7 15.9 15.9
(1) Total variable operations gross profit per vehicle retailed is calculated by dividing the sum
of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail
vehicle unit sales.
http://photos.prnewswire.com/prnvar/20151110/286019LOGO
Logo - http://photos.prnewswire.com/prnh/20151110/286019LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/autonation-reports-all-time-record-quarterly-eps-from-continuing-operations-300306029.html
SOURCE AutoNation, Inc.
