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Letter to the Editor
Friday July 9
AutoNation Preliminary Q2 Results Below Expectations
AutoNation, Inc., America's largest automotive retailer, has announced preliminary earnings results for the second quarter ended June 30, 2004. The company's earnings per share (EPS) from continuing operations for the second quarter are expected to be in the range of $0.34 to $0.35, below the anticipated EPS range of $0.38 to $0.40 previously provided by the company in April 2004."A number of factors directly impacted our second quarter earnings," said Mike Jackson, Chairman and Chief Executive Officer of AutoNation. "Our cost structure was targeted for vehicle sales volume levels that did not materialize, particularly in June, with significant declines in sales of Ford and General Motors products. Low volume when combined with high inventories also caused a gross margin decline in our new vehicle business."
Looking ahead, Jackson said, "Although the second quarter earnings were disappointing, our cash flow is strong and our strategy sound. However, in light of the second quarter results and the difficult new vehicle retail environment that we are operating in, we now anticipate 2004 EPS from continuing operations in the range of $1.35 to $1.40."
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