AutoNation (NYSE:AN) shares rose after the company surpassed profit and sales expectations in its fourth quarter. The car dealership company reported adjusted earnings of $6.37 per share on revenue of $6.7 billion. This was better than consensus estimates for $5.83 earnings per share on revenue of $6.52 billion.
“America's most admired automotive retailer” today reported fourth-quarter 2022 GAAP EPS of $5.72 and adjusted EPS of $6.37.
The Fort Lauderdale, Fla.-based company also reported after-Sales growth continued with record Fourth-Quarter 2022 gross profit up 12% and Full Year 2022 increasing 14% from a year ago to a record $1.9 billion. Full Year 2022 cash flows from operations were a record $1.7 billion
In 2022, the Company reduced shares outstanding by 25% as it repurchased 15.6 million shares, including 4.6 million during the fourth quarter
Said CEO Mike Manley, "Our fourth quarter results capped off another record year for earnings and revenue as our Associates drove results while providing a superior Customer experience. We closed the year strong with record full-year results for After-Sales and Customer Financial Services. We continue to perform well in the current environment while taking significant steps to address the industry transformation. During the year, we expanded our footprint, introduced additional transportation solutions, and leveraged our strong cash flow to fund investments and return capital to shareholders.”
AN shares leaped $12.89, or 9.1%, to $154.16.
