AutoNation, Inc. reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. Total revenue for Q3 2024 was $6,586.1 million, down 4.4% from $6,892.7 million in Q3 2023. For the nine months ended September 30, 2024, revenue decreased by 3.1% to $19,552.2 million from $20,181.5 million in the prior year. The decline in revenue was attributed to decreased sales in both new and used vehicles, with new vehicle sales accounting for 47% of total revenue and used vehicle sales at 30%.
Gross profit also saw a significant decrease, with Q3 2024 gross profit at $1,182.8 million, down 8.6% from $1,294.6 million in Q3 2023. For the nine-month period, gross profit fell 9.5% to $3,543.8 million from $3,916.3 million. Operating income for Q3 2024 was $350.7 million, a 16.4% decline from $419.5 million in Q3 2023, while for the nine months, it decreased by 25.8% to $966.0 million.
Net income from continuing operations for Q3 2024 was $185.8 million, down from $243.7 million in Q3 2023, and for the nine months, it fell to $506.1 million from $804.0 million. Basic earnings per share from continuing operations decreased to $4.66 in Q3 2024 from $5.59 in the same quarter last year.
The company experienced operational challenges, including a cyber incident in June 2024 that disrupted dealership operations, negatively impacting earnings per share by approximately $0.21. Additionally, AutoNation divested eight stores during the nine months ended September 30, 2024, generating $156.0 million in proceeds, while no acquisitions were made during this period.
Total current assets increased to $4,749.5 million as of September 30, 2024, from $4,306.9 million at the end of 2023, driven by a rise in auto loans receivable, which reached $891.5 million, up from $402.4 million. Total assets also grew to $12,906.6 million from $11,980.0 million.
The company’s capital allocation strategy remains focused on long-term value growth, with $965.1 million available under its stock repurchase authorization. AutoNation continues to operate 328 new vehicle franchises across 243 stores, primarily in the Sunbelt region, with a significant portion of new vehicle sales coming from core brands such as Toyota, Honda, and Ford.
About AUTONATION, INC.
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