Earnings News

AutoNation Elects New CEO, Records Strong Quarterly Gains

AutoNation, the most critical U.S. auto dealership chain, on Monday named a new chief executive four months after selecting someone else for the position while posting a stronger-than-expected quarterly revenue.

Cheryl Miller, who was AutoNation’s chief financial officer (CFO), instantly replaces Carl Liebert, who will stay for 30 days to help with the transition.

Liebert assumed the CEO role on March 11, a month after his hiring was declared from financial services firm USAA, where he had been a chief operating officer.

Jackson added he was excited to declare Miller’s promotion, citing her nearly two decades of experience with automotive retail. She had been CFO since 2014 and joined the corporate in 2009.

AutoNation said Miller had led several vital ventures, including the building of the corporate’s collaborations with Alphabet Inc’s Waymo and helping AutoNation obtain investment-grade status.

AutoNation said on Monday that its Q2 earnings surged to $100.8 million, or $1.12 per share, from $97.6 million, or $1.07 a share, in the year-earlier quarter. Income was mostly flat at $5.34 billion.

The second quarter this year added a noncash franchise rights impairment charge of 8 cents per share.

Analysts were predicting $1.06 a share on revenue of $5.29 billion, in accordance with IBES data from Refinitiv.

AutoNation’s profits have been under stress as the U.S. new vehicle sales have decreased after a long bullish run since the end of the monetary crisis of 2008.

Jim Bender was elected as the chief operating officer (COO) from executive VP of sales, and chief accounting officer Christopher Cade was elected interim CFO during the search for a permanent substitute, AutoNation said.

Arthur Siegrist

By Arthur Siegrist

Arthur has nearly a decade of media experience. Before joining FBI Market News, he ran content operations of several local news journals. He also vast experience stock market, corporate communications, public relations, and digital marketing. Arthur holds a commerce degree from the University of Oakland and a post-graduate degree in English from NYU.

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