Why AutoNation Shares Are Falling Today
Portfolio Pulse from Shivani Kumaresan
AutoNation Inc reported Q2 FY23 sales growth of 0.3% YoY to $6.89 billion, beating the analyst consensus. New vehicle retail unit sales increased 8%, while used vehicle retail unit sales declined 11%. Gross profit declined 2% YoY to $1.33 billion, and net income declined 28% YoY. The company repurchased 1.6 million shares for $207 million in Q2. Despite the strong performance, AN shares are trading lower by 6.26%.
July 21, 2023 | 1:49 pm
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Despite beating analyst consensus for Q2 FY23 sales, AutoNation's shares fell by 6.26%. The company's gross profit and net income declined YoY, and it repurchased 1.6 million shares for $207 million.
AutoNation's shares are falling despite beating sales expectations, likely due to the decline in gross profit and net income. The share repurchase could be seen as a positive signal, but it seems to be overshadowed by the company's financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100