AutoNation Stock Falls
March 27th, 2006 by admin
AutoNation did not meet the expectations of Wallstreet Journal
AutoNation announced that they did not meet expectations in the first quarter. In fact, Q1 was not their best performance.
AutoNation blames the folly on unbelievably high interest rates and towering stock option costs.
Of course, making a dealership a successful dealership is not as easy as it was at one time, says Chairman and Chief Executive Officer Mike Jackson. Jackson also insists:
revenue should be flat to slightly higher compared with the $4.62 billion recorded a year ago, but added that rising interest rates hurt its earnings by 2 cents per share and stock options reduced results by another penny.
It’s not looking like a good start in ’06 for the auto world. I’m sure this news affected everyone in the auto industry and there will be a ripple affect accordingly up the line all the way to the auto manufacturing sector.
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Posted on Monday, March 27th, 2006 at 4:14 am
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