AutoCanada says it earned $1.54 billion in revenue for the first three months of 2023, up from $1.34 billion a year earlier. Adjusted EBITDA (earnings before interest, tax, depreciation and amortization), however, declined nearly 28 per cent to $45 million, from $62.2 million in the same quarter of 2022.
AutoCanada Inc. reported higher revenue but tighter margins for the first quarter of 2023 on May 3, as higher interest rates pushed buyers into lower-cost vehicles and sales sputtered across the company’s U.S. operations.
AutoCanada Executive Chairman Paul Antony said the results reflect how the operating environment has shifted from the “record industry profitability” experienced last year. Company gross profit on new and used vehicles declined in the first quarter, though this was largely offset, AutoCanada said, by gains in its F&I, parts and service, and collision repair businesses.
The dealership group has reported consistent growth in its ratio of used to new vehicles sold over the past three years. During the first quarter of 2023, it sold 1.74 used vehicles for each new car sold, compared to 0.88 in the final quarter of 2019, the last before the pandemic.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lithium producer Livent boasts record financial performance in Q1, raises 2023 revenue and adjusted EBITDA guidanceA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
2023 Met Gala: Best Afterparty LooksThe party didn’t stop on the Met steps! Fashion's biggest night continued as stars showed off their second, equally stunning looks, and let loose at the Met Gala afterparties. See which celebs made their way into the most exclusive soirees to have a ball.
Read more »
Conservatives out-fundraise Liberals by nearly $5-million in first quarter of 2023Conservatives raised more than $8.3-million during the first quarter; Liberals brought in about $3.6-million
Read more »
Rihanna Explains How Second Pregnancy Is ‘So Different’ At 2023 Met GalaRihanna's got a baby on the brain! The singer, who is pregnant with her second child, stunned alongside A$AP Rocky in looks honouring the late Karl Lagerfeld at this year's Met Gala. Speaking to ET's Rachel Smith, Rihanna shared how pregnancy is 'so different' this time around. 'It's so different from the first one,' Rihanna shared. 'No cravings.…
Read more »
Vegas Golden Knights vs. Edmonton Oilers: 2023 Stanley Cup playoff series preview and pickIt’s McDavid vs. Eichel. Picks No. 1 vs. 2 from the 2015 NHL Draft will go head-to-head for a spot...
Read more »
30 Of The Most Beautiful, Bizarre And Extravagant Outfits From The 2023 Met Gala30 Of The Most Beautiful, Bizarre And Extravagant Outfits From The 2023 Met Gala MetGala fashion
Read more »