AutoNation Reports 2nd Quarter GAAP and All-Time Record Quarterly Adjusted EPS from Continuing Operations
July 23, 2020 at 07:16 AM EDT
FORT LAUDERDALE, Fla., July 23, 2020 /PRNewswire/ --
AutoNation, Inc. (NYSE: AN), America's largest and most recognized automotive retailer, today reported second quarter 2020 net income from continuing operations of $280 million, or $3.18 per share, which included a non-cash unrealized gain related to our investment in Vroom of $161 million after-tax, or $1.82 per share. Second quarter 2019 net income from continuing operations was $101 million, or $1.12 per share, which included non-cash franchise rights impairment charges of $7 million after-tax, or $0.08 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
Digital Engagement Drives Sustainable Advantage
AutoNation is also investing in data and analytics. The Company's proprietary Equity Mining Tool leverages its millions of sales and service transactions into a central system that enables business development. The Equity Mining Tool automatically appraises customers' current vehicles and identifies a newer replacement vehicle they can upgrade into for a similar or lower payment. Additionally, it shows household vehicles, service history, propensity to purchase and Customer Financial Service product history. AutoNation's Equity Mining Tool is leveraged in our dealerships' sales process and direct marketing campaigns.
AutoNation's proprietary Equity Mining Tool was foundational for the recently launched Customer 360 application. Customer 360 provides a more complete picture of our customers, enabling us to provide a customized experience for each of our customers, while strengthening our relationship and identifying additional sales and service opportunities.
Second Quarter 2020 Segment Results
For the six-month period ended June 30, 2020, AutoNation reported net income from continuing operations of $48 million, or $0.54 per share, compared to $193 million, or $2.14 per share, in the prior year. Adjusted net income from continuing operations was $206 million, or $2.32 per share, compared to $194 million, or $2.15 per share, in the prior year. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
The second quarter conference call may be accessed by telephone at (866) 211-3176 (Conference ID: 2597206) at 10:00 a.m. Eastern Time today or on AutoNation's investor relations website at investors.autonation.com.
The webcast will also be available on AutoNation's website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on July 23, 2020, through August 13, 2020, by calling (800) 585-8367 (Conference ID: 2597206).
About AutoNation, Inc.
Please visit www.autonation.com, investors.autonation.com, www.twitter.com/CEOMikeJackson, and www.twitter.com/AutoNation, where AutoNation discloses additional information about the Company, its business, and its results of operations. Please also visit www.autonationdrive.com, AutoNation's automotive blog, for information regarding the AutoNation community, the automotive industry, and current automotive news and trends.
NON-GAAP FINANCIAL MEASURES
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SOURCE AutoNation, Inc.