AutoNation Total retail new and used vehicle unit sales are up 14% compared to the year-ago period
FORT LAUDERDALE, FL--Oct. 24, 2013: AutoNation, Inc. , America's largest automotive retailer, today reported 2013 third quarter net income from continuing operations of $93 million, or $0.75 per share, compared to net income from continuing operations of $82 million, or $0.66 per share, for the same period in the prior year, a 14% improvement on a per-share basis.
2013 third quarter revenue totaled $4.5 billion, compared to $3.9 billion in the year-ago period, an increase of 14%, driven by stronger performance in all of our business sectors – new vehicles, used vehicles, parts and service, and finance and insurance. AutoNation's retail new vehicle unit sales increased 13% overall and 8% on a same store basis, while retail used vehicle unit sales increased 15% overall and 11% on a same store basis.
Mike Jackson, Chairman and Chief Executive Officer, said, "We delivered double-digit growth in EPS and operating income in the third quarter of 2013 compared to the prior year, driven by gross profit growth in all of our business sectors."
AutoNation also announced that it has signed agreements to acquire O'Hare Honda and O'Hare Hyundai in Chicago, Illinois. The annual revenue for these stores is approximately $85 million, with retail sales of approximately 3,100 new and used vehicle units. The acquisitions are subject to manufacturer approval and other customary closing conditions and are expected to be completed in the fourth quarter of 2013.
Segment results(1) for the third quarter of 2013 were as follows:
Domestic - Domestic segment income(2) was $64 million compared to year-ago segment income of $52 million, an increase of 24%. Import - Import segment income(2) was $73 million compared to year-ago segment income of $69 million, an increase of 5%. Premium Luxury - Premium Luxury segment income(2) was $74 million compared to year-ago segment income of $63 million, an increase of 18%.
For the nine-month period ended September 30, 2013, the Company reported net income from continuing operations of $266 million, or $2.16 per share, compared to adjusted net income from continuing operations of $237 million, or $1.88 per share for the same period in the prior year, an improvement of 15% on a per-share basis. On a GAAP basis, net income from continuing operations for the nine-month period ended September 30, 2012 was $234 million, or $1.85 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables. The Company's revenue for the nine-month period ended September 30, 2013, totaled $13.0 billion, up 13% compared to $11.5 billion for the same period in the prior year.
The third 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 AutoNation Investors .
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 October 24, 2013 through October 31, 2013 by calling (866) 443-1213 (password 75300).
(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 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 for each of our segments is defined as operating income less floorplan interest expense.