AutoNation reports Q2 adjusted EPS $5.46, consensus $4.70

Reports Q2 revenue $6.97B, consensus $6.86B. Same store revenue increased 8% in Q2. “We are pleased to report another quarter of strong performance, with robust growth across the entire business, including double-digit growth in Customer Financial Services and After-Sales, and improved new vehicle market share. Execution and productivity were also strong, with gross profits improving 40 basis points as a percentage of revenue,” said Mike Manley, CEO of AutoNation (AN). “Cash flow was solid in the quarter and the demand for our AN Finance asset securitization was outstanding, enabling an upsizing of the offering, a lowering of the rate, and the attainment of nearly 100% debt funding. AutoNation’s multiple revenue streams, flexible cost structure, cash flow generation, and balance sheet position us to continue delivering outstanding results and deploying capital to generate attractive shareholder returns,” Manley concluded.