AutoNation (AN)

AutoNation reported 2009 fourth quarter GAAP net income from continuing operations of $62 million or $0.36 per share, compared to $73 million or $0.42 per share for the prior year. Fourth quarter 2009 revenue totaled $2.8 billion, compared to $2.6 billion in the year-ago period, an 8% increase.

For the full year ended December 31, 2009, the Company reported GAAP net income from continuing operations of $234 million or $1.32 per share, compared to a GAAP net loss from continuing operations of $1.2 billion or $6.82 per share for the prior year. The Company's revenue for the full year ended December 31, 2009 totaled $10.8 billion, down 20% compared to $13.4 billion in the prior year.
The results look okay until you take a close look at the fact that revenue was down 20% in 2009 from 2008. AutoNation's CEO stated that planning assumption for 2010 industry new unit sales is 11.5 million units with a gradual increase in the selling rate over the course of the year.

Feb 11 · 2:00:00 PM · Source: Company Press Release
Track · email · face · Twitter · digg · COMMENTS
by Rich Pike