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AutoCanada Inc. Earnings Decline by 30% Despite Increase in Revenue

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AutoCanada Inc. Earnings Decline by 30% Despite Increase in Revenue
Autocanada Inc.,Earnings,Decline

pDiluted earnings came in at 81 cents per share, a 30.2 per cent decline from $1.16 per share recorded in the third quarter of 2022. AutoCanada cited higher interest rates, which translated into higher floorplan costs, for the slide./p

AutoCanada Inc. earnings declined by roughly 30 per cent in the third quarter of 2023, despite a small increase in revenue and what the company’s Executive Chairman Paul Antony described as a “surprisingly resilient” vehicle market.

The tighter margins contrasted with a vehicle sales environment that’s remained robust despite consumers facing high vehicle prices and elevated interest rates compared to recent years. Alongside its quarterly earnings, AutoCanada also rolled out a new five-year strategic plan dubbed Project Elevate.

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