AutoNation CEO on Q3 results: it’s a pretty good time to be a car salesman

Shares of AutoNation Inc (NYSE: AN) opened 12% up on Thursday after the automotive retailer reported market-beat results for its fiscal third quarter.

Highlights from CEO Jackson’s interview with CNBC’s ‘Squawk Box’

On CNBC’s “Squawk Box”, CEO Mike Jackson agreed that meeting strong demand amidst supply crunch was a challenge but said AutoNation had planned for it beforehand.

According to Jackson, Q3 marked the sixth consecutive “record” quarter for AutoNation. But he’s still convinced that demand will keep up in 2022 as well.

Key takeaways from AutoNation’s Q3 results

AutoNation said its net income nearly doubled to $361.7 million in Q3. On a per-share basis, it earned $5.12 versus the year-ago figure of $2.05. The Florida-based company generated $6.379 billion in revenue – an increase from $5.405 billion last year.

According to FactSet, experts had forecast $4.20 of EPS on $6.291 billion in revenue. Other notable figures include a 67% year-over-two-year growth in revenue from used vehicles. New vehicle revenue, however, was down 3.0% compared to before the pandemic (Q3 of 2019).

AutoNation repurchased 11% of its outstanding shares in the third quarter for a total of 27% in the trailing 12 months, as per the earnings press release.