AutoNation (AN) Tops Q1 EPS by 22c

AutoNation (NYSE: AN) reported Q1 EPS of $0.91, $0.22 better than the analyst estimate of $0.69. Revenue for the quarter came in at $4.67 billion versus the consensus estimate of $4.61 billion.

Coronavirus Update

The COVID-19 pandemic has adversely impacted and is expected to continue to adversely impact, AutoNation's operations. As of early April 2020, states from which we derive approximately 95% of our total revenue were under extensive "shelter in place" or "stay at home" orders from federal, state, and local governments, which significantly restricted our business operations, in particular our sales activities.

The health and safety of AutoNation's Customers and Associates is our top priority. AutoNation stores are cleaned and sanitized multiple times a day, including sanitizing high touch areas such as keyboards, telephones, and guest common areas. The company has implemented social distancing best practices within the workplace and in all Associate and Customer interactions.

In April 2020, the Company announced various actions taken to attempt to mitigate the financial impact of COVID-19 including placing employees on unpaid leave, implementing temporary base pay reductions for our executive officers and associates, freezing corporate new hiring, reducing advertising spending, reducing discretionary spending, postponing capital expenditures, and reducing our Board of Directors' fees.

AutoNation experienced strengthening sales in April, with same store New and Used retail unit sales down 19% during the final 10 days compared to down 52% during the first 10 days, resulting in the full month down 37%.(1) As of May 8, 2020, states from which we derive approximately 51% of our total revenue were largely still under "shelter in place" or "stay at home" orders.

For earnings history and earnings-related data on AutoNation (AN) click here.

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