The following is a summary of the AutoNation, Inc. (AN) Q1 2024 Earnings Call Transcript:
Financial Performance:
AutoNation reported slight Q1 revenue growth of 1%.
Gross profit at $1.2 billion, accounting for 18.5% of revenues.
The operating income and net income were $348 million and $190 million respectively.
The EPS for the quarter stood at $4.49.
The company delivered an adjusted free cash flow of $257 million.
The company's leverage was at 2.25 times EBITDA, staying within their target range.
Business Progress:
AutoNation saw an increase in new vehicle unit sales by 7% in Q1.
The company focused on developing customer offerings which helped originate over $160 million of loans with AutoNation Finance.
The rollout of their new plan included the opening of four additional AutoNation USA stores, bringing the total store count to 23.
With successful customer-focused initiatives like AutoNation Mobile Services, they attracted over 120,000 new customers.
For the future, the company plans to increase throughput in AutoNation Finance, driving more growth.
More details: AutoNation IR
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