AutoNation Inc. (NYSE: AN) published its earnings report for the fiscal fourth quarter on Tuesday that came in better than what analysts had anticipated, despite the ongoing COVID-19 crisis that has so far infected more than 28 million people in the United States and caused a little under half a million deaths.
AutoNation shares were reported more than 1% up in premarket trading on Tuesday. Including the price action, the stock is now trading at a per-share price of £57.39 after recovering from a low of £16.21 per share in March 2020 when the Coronavirus pandemic wreaked havoc on the global financial markets.
AutoNation’s Q4 financial results versus the analysts’ estimates
AutoNation said that its net income in the fourth quarter printed at £108.88 million that translates to £1.24 per share. The automotive retailer had posted a higher £113.34 million of net income in the comparable quarter of last year or £1.25 per share.
On an adjusted basis, the U.S. company earned £1.75 per share versus the year-ago figure of a much lower 67.56 pence per share. Revenue in Q4 stood at £4.16 billion. In comparison, AutoNation’s revenue had printed at £3.99 billion in the same quarter last year.
According to FactSet, experts had forecast the company to record £4.0 billion of revenue in the recent quarter. Their estimate for adjusted per-share earnings stood at a lower £1.44. Also on Tuesday, AutoNation’s board elected Rick L. Burdick as the Chairman.
AutoNation reports a 5% increase in its comparable-store sales
AutoNation said that its comparable-store sales in the fourth quarter saw a 5% annualised growth versus a 1% growth expected. The Fort Lauderdale-based company’s board approved up to £720 million of stock buyback programme on Tuesday.
In separate news from the United States, software company Palantir Technologies said on Tuesday that it swung to a surprise net loss of £106 million in the fiscal fourth quarter.
AutoNation also expressed plans of opening five new stores this year and ten new stores in 2022. The American automotive retailer offloaded its stake in Vroom in the fourth quarter that released £118.58 million of cash.
AutoNation performed largely upbeat in the stock market last year with an annual gain of close to 45%. At the time of writing, the NYSE-listed company has a market cap of £4.95 billion and a price to earnings ratio of 17.87.
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