- AutoNation Inc (NYSE:AN) shares are down Thursday morning following its mixed first-quarter performance.
- AN reported a first-quarter FY23 sales decline of 5% year-on-year to $6.40 billion, missing the consensus of $6.63 billion.
- Lower Used Vehicle and Customer Financial Services revenue were partially offset by higher New Vehicle and After-Sales revenue.
- New vehicle retail unit sales fell 2%, and used vehicle retail unit sales declined 15%.
- Segment income from Domestic fell 20% Y/Y, Import dropped 13.9%, and Premium Luxury slipped 1.3%.
- Gross profit declined 1.5% Y/Y to $1.29 billion, and the gross profit margin expanded 70 basis points Y/Y to 20.1%. After-Sales gross profit increased 11% to $511 million.
- Operating margin for the quarter was 6.9%, and the operating income was $443.3 million, a 15% decrease Y/Y.
- EPS of $6.07 beat the consensus of $5.74.
- Cash and equivalents totaled $58.3 million as of March 31, 2023. The company said its Q1 cash flows from operations were $510 million.
- AutoNation has approximately $875 million remaining authorization for share repurchase.
- Price Action: AN shares are trading lower by 3.66% at $131.33 on the last check Thursday.
RBC Capital Maintains Outperform on Spruce Biosciences, Lowers Price Target to $8
RBC Capital analyst Gregory Renza maintains Spruce Biosciences (NASDAQ:SPRB) with a Outperform and lowers the price target from $9 to $8.
