Significant Cost Savings Achieved
AutoCanada has achieved $80 million of the original $100 million cost savings target and raised the goal to $115 million by year-end 2025.
Improved Earnings and Margins
Adjusted EBITDA from continuing operations nearly doubled to $64.4 million, with margins improving 240 basis points to 4.8%.
Successful U.S. Divestiture
The company expects $115 million to $130 million in net proceeds from the U.S. dealership sales, which will allow for a significant reduction in leverage.
Enhanced Net Income
Net income from continuing operations was $18.9 million compared to $3.9 million in Q2 last year. Diluted EPS increased to $0.72 from $0.12 per share.
Improved Cash Flow and Liquidity
AutoCanada generated $19.6 million of operating cash flow and closed the quarter with $62.4 million of cash on hand and approximately $257.4 million of available liquidity.