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AutoNation Reports Record 2011 Second Quarter Results

FORT LAUDERDALE, Fla. July 27, 2011 AutoNation, Inc. $73 million $0.49 $62 million $0.38 $12 million $0.07 $50 million $0.31

http://photos.prnewswire.com/prnh/20001017/AUTONATIONLOGO

$3 $3.1 billion

AutoNation’s 2011 second quarter retail used vehicle revenue increased 12%. Parts and service revenue increased 5%, and finance and insurance revenue increased 12% compared to the 2010 second quarter.

$583 million $529 million $1.4 million $539 $174

Mike Jackson

Commenting on the automotive retail environment, Mr. Jackson added, "We estimate that vehicle shipments from the Japanese manufacturers were approximately 40% below planned levels in the second quarter and that, by September, they will be approximately 10-15% below planned levels. Margins on vehicles from Japanese manufacturers benefitted from constrained supply, and while we believe that they will remain strong in the third quarter, we expect that the improving supply environment will result in lower margins on those vehicles as compared to the second quarter.  We believe that the new vehicle sales environment will begin to normalize in the fourth quarter of 2011, and we continue to be optimistic about the long-term recovery for the U.S. auto market."

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 Chrysler; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, and Nissan; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes, BMW, and Lexus. Segment results for the second quarter were as follows:

  • Domestic $46 million $42 million

  • Import $66 million $52 million

  • Premium Luxury $57 million $49 million

June 30, 2011 $144 million $0.95 $121 million $0.72 June 30, 2010 $12 million $0.07 June 30, 2011 June 30, 2010 $109 million $0.65 June 30, 2011 $6.6 billion $5.9 billion

corp.autonation.com/investors 1:00 p.m. Eastern Time July 27, 2011 August 4, 2011

(1) As compared to adjusted EPS from continuing operations in prior periods.

(2) Segment income is defined as operating income less floorplan interest expense.

About AutoNation, Inc.

Fort Lauderdale, Fla. June 30, 2011 http://corp.AutoNation.com or www.AutoNation.com

FORWARD-LOOKING STATEMENTS

Japan Japan

NON-GAAP FINANCIAL MEASURES

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and earnings per share from continuing operations, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company’s disclosure, provide a meaningful presentation of the Company’s results from its core business operations excluding the impact of items not related to the Company’s ongoing core business operations, and improve the period-to-period comparability of the Company’s results from its core business operations .

AUTONATION, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2011

2010

2011

2010

Revenue:

New vehicle

$ 1,746.6

$ 1,656.6

$ 3,531.7

$ 3,117.1

Used vehicle

887.3

783.7

1,718.7

1,515.3

Parts and service

572.0

547.3

1,142.0

1,084.8

Finance and insurance, net

117.0

104.7

227.7

200.0

Other

13.4

12.0

27.3

23.7

Total revenue

3,336.3

3,104.3

6,647.4

5,940.9

Cost of sales:

New vehicle

1,609.9

1,547.8

3,269.7

2,905.3

Used vehicle

808.7

714.3

1,562.0

1,379.5

Parts and service

326.8

308.1

652.3

608.8

Other

7.5

4.8

13.8

9.6

Total cost of sales

2,752.9

2,575.0

5,497.8

4,903.2

Gross profit

583.4

529.3

1,149.6

1,037.7

Selling, general and administrative expenses

417.6

383.1

825.3

756.5

Depreciation and amortization

21.1

19.6

41.8

38.5

Other expenses (income), net

0.3

0.6

(1.9)

1.6

Operating income

144.4

126.0

284.4

241.1

Floorplan interest expense

(10.9)

(9.7)

(22.1)

(19.3)

Other interest expense

(15.9)

(14.7)

(32.2)

(23.7)

Loss on debt extinguishment

(19.6)

(19.6)

Interest income

0.3

0.3

0.6

0.5

Other gains (losses), net

0.5

(0.3)

2.2

(0.4)

Income from continuing operations before income taxes

118.4

82.0

232.9

178.6

Income tax provision

45.1

32.0

89.3

69.8

Net income from continuing operations

73.3

50.0

143.6

108.8

Loss from discontinued operations, net of income taxes

(1.4)

(2.8)

(2.3)

(6.4)

Net income

$      71.9

$      47.2

$    141.3

$    102.4

Diluted earnings (loss) per share:

Continuing operations

$      0.49

$      0.31

$      0.95

$      0.65

Discontinued operations

$     (0.01)

$     (0.02)

$     (0.02)

$     (0.04)

Net income

$      0.48

$      0.29

$      0.94

$      0.61

Weighted average common shares outstanding

150.0

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