AutoNation posts impressive earnings in the fourth quarter

Article by Christian Andrei, on February 6, 2011

AutoNation Inc., the nation’s largest car retailer, boosted fourth-quarter profits and posted record per-share earnings for the quarter and for the full year of 2010. This good performance is being attributed to cost cuts made during the recession, manufacturer incentives, and vehicle sales that outpaced the industry.

In the final three months of 2010, revenue jumped 16 percent to $3.2 billion and AutoNation reported a net income of $67.3 million, up 9 percent from the same quarter last year. The retailer reported full-year earnings of $226.6 million, up 14 percent from 2009 and revenue for 2010 rose 17 percent to $12.5 billion.

AutoNation said its advance last month was led by a 40 percent increase in domestic-brand sales. Pickup sales increased 39 percent. The retailer, with the industry's improved outlook, expects total U.S. sales of 12.8 million vehicles in 2011 and it is once again acquiring dealerships.

AutoNation announced that it is buying Ft. Myers Toyota in Fort Myers, Fla. That deal follows some large acquisitions in the second half of 2010. CEO Mike Jackson said improvements were in all areas of the retailer's operations and he expects the gains to continue as the market rebounds.

Jackson said the retailer has been consistently demonstrating its ability to perform in what it expects to be a multi-year recovery in auto retail. Such expectations were strengthened by a 24 percent increase in AutoNation's new-vehicle sales in January 2011, compared with an industry-wide gain of 17 percent.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Volvo has revealed that while its products are used by a number of police organizations around the world, it will be the Swedish police that will get the first chance...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries