AutoNation 2015 Annual Report Download - page 95
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Table of Contents
In a stable environment, our operations generally experience higher volumes of vehicle unit sales in the second and third quarters of each year due in part
to consumer buying trends and the introduction of new vehicle models. Also, demand for vehicles and light trucks is generally lower during the winter
months than in other seasons, particularly in regions of the United States where stores may be subject to adverse winter conditions. However, we typically
experience higher sales of Premium Luxury vehicles, which have higher average selling prices and gross profit per vehicle retailed, in the fourth quarter.
Revenue and operating results may be impacted significantly from quarter to quarter by changing economic conditions, vehicle manufacturer incentive
programs, and actual or threatened severe weather events.
The following is an analysis of certain items in the Consolidated Statements of Income by quarter for 2015 and 2014:
Revenue 2015
$ 4,944.2
$ 5,224.3
$ 5,353.7
$ 5,339.8
2014
$ 4,363.5
$ 4,788.5
$ 4,909.0
$ 5,047.8
Gross profit 2015
$ 799.9
$ 819.1
$ 830.3
$ 812.2
2014
$ 707.4
$ 744.9
$ 752.9
$ 783.5
Operating income(1) 2015
$ 214.9
$ 222.1
$ 235.7
$ 200.4
2014
$ 189.1
$ 197.8
$ 207.4
$ 226.5
Income from continuing operations(1) 2015
$ 111.7
$ 115.2
$ 119.0
$ 97.8
2014
$ 95.5
$ 100.7
$ 106.7
$ 116.9
Net income(1) 2015
$ 111.5
$ 115.1
$ 118.5
$ 97.5
2014
$ 95.1
$ 100.4
$ 106.5
$ 116.7
Basic earnings per share from continuing operations(1) (2) 2015
$ 0.98
$ 1.01
$ 1.06
$ 0.88
2014
$ 0.80
$ 0.85
$ 0.91
$ 1.03
Diluted earnings per share from continuing operations(1) (2) 2015
$ 0.97
$ 1.00
$ 1.05
$ 0.87
2014
$ 0.79
$ 0.83
$ 0.90
$ 1.02
(1) During the fourth quarter of 2015, we recorded $15.4 million ($9.6 million after-tax) of non-cash impairment charges related to rights under certain of
our Volkswagen stores’ franchise agreements to reduce the carrying values of the Volkswagen franchise rights to their estimated fair values.
(2) The sum of quarterly basic and diluted earnings per share from continuing operations may not equal full year amounts as reported in the Consolidated
Statements of Income due to the effect of the calculation of weighted average common stock equivalents on a quarterly basis.
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