On Friday, AutoNation, Inc. (NYSE:AN) reported fourth-quarter adjusted earnings per share of $5.08 (+2% year over year), beating the analyst consensus estimate of $4.85.
Sales of $6.929 billion missed the consensus estimate of $7.200 billion. Revenues declined 4% year over year (Y/Y) owing to lower unit sales of both new and used vehicles.
Quarterly gross profit fell 2% Y/Y to $1.214 billion, and same-store gross profit declined 4% Y/Y to $1.188 billion owing to lower vehicle unit sales and profit per unit.
Adjusted operating income dipped 7% Y/Y to $335.1 million in the quarter.
AutoNation exited the quarter with cash and equivalents worth $58.6 million. Inventory at the end of the quarter was $3.405 billion.
In the quarter, the company bought back 1.7 million shares of common stock for $350 million or $209 per share.
The company repurchased $785 million of …