AutoNation Announces Record Q1 Earnings
AutoNation First Quarter Revenue Up 17%
Congratulations to AutoNation and the announcement of their successful Q1 results. AutoNation is America’s largest automotive retailer for new and used vehicles and reported a record net income for their first quarter of 2011. New vehicle unit sales increased 23% overall.
While this is exciting news for AutoNation it is also good news for the automotive industry at large, as those results are reportedly in line with others across the nation. Despite harsh economic times, the crisis in Japan, and continuously rising gas prices, sales and revenue are seeing a huge increase over last year.
Mike Jackson, Chairman and Chief Executive Officer for AutoNation, said:
“While the underlying recovery in consumer demand for autos remains on track in the United States, due to Japanese supply constraints throughout the remainder of 2011, we are revising our planning assumption for 2011 full-year U.S. industry new vehicle sales downward from 12.8 million units to mid-12 million units. Based on current information, we see significant reductions in vehicle shipments from Japanese manufacturers through year-end, with the resumption of normal shipment levels in early 2012.”
Mr. Jackson added:
“Our diversified business model is resilient and adaptable. We are confident we can manage through the challenges presented by Japanese product constraints. We also continue to be optimistic about the long-term recovery for the U.S. auto market.”
Read the full article from PR Newswire here.
Congratulations again to AutoNation and good luck heading further into Q2 and the remainder of 2011.