AutoNation, Inc. (NYSE:AN) shares are trading lower on Tuesday.
The company reported fourth-quarter adjusted EPS of $5.02, beating the street view of $4.95.
The quarterly revenue of $6.767 billion marginally beats the analyst consensus of $6.695 billion. Sales increased 1% year over year.
Increased new vehicle unit sales and continued growth in after-sales more than offset lower used vehicle unit sales in the quarter under review.
New vehicle retail unit sales rose 8%, while used vehicle retail unit sales fell 4%.
Fourth quarter gross profit totaled $1.2 billion, down 5% from $1.3 billion a year ago.
“While 2024 will reflect a continued normalization of vehicle supply and demand dynamics, we are excited to move forward, confident in our strong balance sheet, and laser-focused on executing our operating plan,” said Mike Manley, AutoNation’s Chief Executive Officer.
As of December 31, 2023, AutoNation had $1.5 billion of liquidity, including $61 million in cash and $1.46 billion of availability under its revolving credit facility, net of commercial paper borrowings. The company had $4.0 billion of non-vehicle debt outstanding.
Price Action: AN shares are trading lower by 2.8% to $149.58 on the last check Tuesday.
