UPDATE 1-AutoNation misses revenue estimates on lower new vehicle sales; plans cost cuts [Reuters]
AutoNation, Inc. (AN)
Last autonation, inc. earnings: 2/11 06:45 am
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Source: Reuters
AutoNation misses revenue estimates on lower new vehicle sales; plans cost cuts | Reuters 3 Min Read (Reuters) - AutoNation Inc ( AN.N ) reported lower-than-expected revenue on Tuesday, as the largest U.S. auto retail chain sold fewer new vehicles, and the company said it plans to scale back investment and overhead costs in 2019. The company’s shares fell 8 percent in early trading after it reported an 8.1 percent fall in new car retail sales volume for the third quarter. The company plans to reduce investment following an “elevated period of brand extension investment” in higher-margin service and used car operations to offset the squeeze on profits from new vehicle sales, Chief Executive Officer Mike Jackson told Reuters. The retailer will move toward “a more normalized” level of overhead costs, below the levels of the latest quarter, Jackson said. The Fort Lauderdale, Florida-based company said selling, general and administrative costs were equivalent to 11.7 percent of revenue i
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