AutoCanada announced financial results for the quarter ended December 31, 2014 and the year ended December 31, 2014. The company generated net earnings attributable to AutoCanada shareholders of $14.9 million or basic EPS of $0.60 versus EPS of $0.44 in Q4 2013.
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Pre-tax earnings attributable to AutoCanada shareholders increased by $7.1 million to $20.1 million in the fourth quarter of 2014 as compared to $13.0 million in the same period in 2013.
Same store revenue increased by 10.9% in the fourth quarter of 2014, compared to the same quarter in 2013. Same store gross profit increased by 5.7% in the fourth quarter of 2014, compared to the same quarter in 2013.
Revenue from existing and new dealerships increased 95.8% to $653.5 million in the fourth quarter of 2014 from $333.8 million in the same quarter in 2013. Gross profit from existing and new dealerships increased 80.4% to $112.4 million in the fourth quarter of 2014 from $62.3 million in the same quarter in 2013.
EBITDA increased 65.5% to $24.5 million in the fourth quarter of 2014 from $14.8 million in the same quarter in 2013. Free cash flow increased to $39.8 million in the fourth quarter of 2014 or $1.63 per share as compared to 8.4 million or $0.39 per share in the fourth quarter of 2013.
Adjusted free cash flow increased to $17.1 million in the fourth quarter of 2014 or $0.70 per share as compared to $11.9 million or $0.55 per share in the same quarter in 2013.
2014 Annual Highlights
The Company generated net earnings attributable to AutoCanada shareholders of $53.1 million or basic earnings per share of $2.31 versus earnings per share of $1.83 in 2013. Pre-tax earnings attributable to AutoCanada shareholders increased by $19.7 million to $71.6 million in 2014 as compared to $51.9 million in 2013 year.
Same store revenue increased by 8.9% in 2014, compared to 2013. Same store gross profit increased by 7.9% in 2014, compared to 2013.
Revenue from existing and new dealerships increased 57.2% to $2,214.8 million in 2014 from $1,409.0 million in 2013. Gross profit from existing and new dealerships increased 51.7% to $373.1 million in 2014 from $246 million in 2013.
EBITDA increased 52.8% to $89.4 million in 2014 from $58.5 million in 2013. Free cash flow increased to $63.7 million in 2014 as compared $34.6 million in 2013. Adjusted free cash flow increased to $62.1 million in 2014 as compared to $44.9 million in 2013. ■