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Stock impact report

AutoNation misses revenue expectations, names new CEO [MarketWatch]

AutoNation, Inc. (AN) 
Last autonation, inc. earnings: 2/11 06:45 am Check Earnings Report
US:NYSE Investor Relations: investors.autonation.com
Company Research Source: MarketWatch
AutoNation misses revenue expectations, names new CEO AutoNation Inc. AN, -2.76% reported a fourth-quarter drop in earnings and revenue fell more than expected, while naming a new CEO and implementing a restructuring plan. The auto retailer's stock was indicated down fractionally in premarket trade. Net income fell to $92.7 million, or $1.02 a share, from $151.3 million, or $1.64 a share, in the same period a year ago. The latest quarter included restructuring charges of 8 cents per share, while year-ago results included a 45-cents per share tax-reform benefit. The FactSet consensus for earnings per share was $1.15. Revenue fell to $5.41 billion from $5.68 billion, below the FactSet consensus of $5.63 billion, as new and used vehicle and parts and service revenue all missed expectations. The restructuring plan targets lowering costs by $50 million a year. Separately, the company named Carl Liebert its new CEO effective March 11. Liebert, currently Chief Operating Officer at USAA, w Show less Read more
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