AutoNation posted a historically high fourth-quarter earnings, on the back of higher prices for cars.
The automotive retail company’s adjusted profit came in at $6.37 a share, exceeding the consensus expectation of $5.83 (based on FactSet poll) The figure is also its highest ever for a fourth quarter.
Revenue climbed +2% from the year-ago quarter to $6.7 billion, thanks to the rise in average selling prices for vehicles, as indicated by the company. The Street consensus was $6.5 billion.
While retail sales of AutoNation’s used-vehicle fell -8% to $2.2 billion, its new-vehicle revenue was up +8% year-over-year to $3.1 billion. The after-sales segment, offering car repair and maintenance, was 7% higher year-over-year.