- Revenue was $1,206.8 million as compared to $1,017.1 million in the prior year, an increase of 19% and the highest third quarter revenue reported in the Company's history
- Net income for the period was $38.8 million versus $36.0 million in 2020
- Adjusted EBITDA was $68.3 million versus $61.1 million in the prior year, an increase of 12%; normalizing for non-recurring government assistance of $6.3 million in the prior year, results were ahead of prior year by 25%
- Net indebtedness of $29.8 million at the end of Q3 2021 compares to $21.6 million at the end of Q2 2021; net debt leverage on a pre-IFRS 16 basis was 0.2x
EDMONTON, AB, Nov. 9, 2021 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, today reported its financial results for the three month period ended September 30, 2021.
"Our team's focus on operational excellence once again delivered record-setting results in Q3 2021, highlighting the strength and resiliency of our business model," said Paul Antony, Executive Chairman of AutoCanada. "We continue to make great progress on almost every key measure, particularly driven by strong performance in our used vehicle, F&I and U.S. operations, along with an overall improvement in market outlook and demand.
"This strong performance reflects the sustainability of our business model and demonstrates that we're successfully managing through the current market environment of global supply chain challenges impacting OEM production. We believe these OEM production capacity issues will normalize over the coming quarters and expect the market to return to pre-pandemic levels in late 2022 or early 2023. In the meantime, we will continue to build on our positive momentum and focus on strategic growth initiatives to drive industry-leading performance regardless of changing market conditions.
"We remain well positioned to execute on our acquisition strategy in the coming quarters with a robust pipeline of dealerships and collision centres representing over $400 million in annual revenue currently being evaluated."