AutoNation, Inc. has reported its fourth-quarter and full-year 2024 results, showing an increase in revenue and earnings per share (EPS) on a same-store basis.
For the fourth quarter of 2024, the company reported a revenue of $7.2 billion, an 8% increase compared to the same period in 2023 on a same-store basis. EPS for the quarter was $4.64, while adjusted EPS was $4.97.
New vehicle same-store unit sales saw impressive growth of 12% in Q4, with sequential unit profitability growth. Used vehicle same-store gross profit also grew by 14% in Q4. Additionally, after-sales and customer financial services (CFS) same-store gross profit grew by 5% and 6%, respectively in Q4.
AutoNation originated $1.1 billion of loans during 2024 and conducted share repurchases of $460 million in 2024, representing a 7% share reduction.
In terms of operational performance, same-store revenue for Q4 2024 increased by $510 million or 8% from a year ago, reflecting increased new vehicle unit sales and higher average new vehicle selling prices. New vehicle revenue increased by $443 million, while used vehicle revenue remained relatively flat. After-sales revenue increased by $44 million, and CFS revenue increased by $20 million.
The company's same-store gross profit for Q4 2024 increased by $39 million or 3% from a year ago. New vehicle gross profit decreased by $23 million, used vehicle gross profit increased by $13 million, after-sales gross profit increased by $29 million, and CFS gross profit increased by $20 million.
Looking at the full year 2024, same-store revenue decreased by $290 million or 1% from a year ago. New vehicle revenue increased by $282 million, used vehicle revenue decreased by $603 million, after-sales revenue increased by $111 million, and CFS revenue decreased by $71 million.
The same-store gross profit for the full year 2024 decreased by $353 million or 7% from a year ago. New vehicle gross profit decreased by $283 million, used vehicle gross profit decreased by $71 million, after-sales gross profit increased by $74 million, and CFS gross profit decreased by $71 million.
AutoNation's adjusted cash from operating activities for the full year 2024 was $1.1 billion, with adjusted free cash flow amounting to $750 million, or 105% of adjusted net income.
The company's liquidity as of December 31, 2024, stood at $1.3 billion, including $60 million in cash and $1.3 billion of availability under its revolving credit facility, net of commercial paper borrowings. AutoNation's covenant leverage ratio was 2.4x at quarter-end, and the company had $3.8 billion of non-vehicle debt outstanding.
AutoNation's segment results for the fourth quarter of 2024 showed mixed performance, with the domestic and import segments experiencing decreases in segment income compared to the previous year, while the premium luxury segment reported an increase in segment income.
Today the company's shares have moved -1.5% to a price of $189.81. For more information, read the company's full 8-K submission here.
