AutoNation, Inc. (NYSE:AN) has delivered steady second-quarter revenue as sales of new vehicles made up for a sharp decline in used-car sales.
The automotive retailer reported revenue of $6.9 billion for the three months to June 30, 2023, unchanged from a year earlier but ahead of the $6.7 billion expected by Wall Street analysts.
Adjusted earnings per share declined 2.9% to $6.29, beating the $5.83 consensus estimate of six analysts, according to Zacks Investment Research.
Over the period, the company acquired five dealerships and opened its 16th AutoNation USA store.
"The strong performance during the quarter reflects the continued resiliency of our operations and the benefits of our diversified business model,” CEO Mike Manley said in a statement.
“Our dedicated team of associates consistently delivered an exceptional experience for our customers, and their efforts were acknowledged by J.D. Power with a record-breaking 143 dealerships being certified for excellent customer service.”
The company’s shares fell 1% to $176.92 in pre-market trading.
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