Wall Street just ran over AutoZone (AZO) .
AutoZone reported on Tuesday that fiscal third-quarter revenue rose a tepid 1% to $2.62 billion, missing the $2.71 billion mark analysts surveyed at Factset expected. The company's third-quarter earnings of $11.44 a share also came in below Wall Street's predictions for earnings of $11.99 a share.
Meanwhile, AutoZone's same-store sales declined 0.8% in the U.S. for the 12-week period ended May 6. Shares of the auto supply retailer crashed 12% to $580.39 in today's trading session.
In a statement, AutoZone's CEO Bill Rhodes blamed the "very challenging spring sales season" for the auto parts retailer's lackluster quarter.
"Our sales performance for the first five weeks of our quarter was significantly below our expectations, challenged by the well-publicized timing delays in IRS tax refunds," Rhodes said. "The last seven weeks of sales demonstrated improvement, but not enough to make up for our soft start."
Here are several other auto-related companies that haven't had many good things to say of late, largely due to the slowdown in U.S. auto demand.
Unarguably the biggest outcome of the recent slowdown in car sales was Ford overthrowing its CEO, Mark Fields, on Monday. Ford replaced Fields with former Steelcase (SCS - Get Report) CEO Jim Hackett, who boldly stated at a conference explaining the decision, "We don't have to cede our future to anyone, not to Tesla (TSLA - Get Report) , not others."
Hackett had been overseeing Ford's Smart Mobility unit, which was experimenting with self-driving cars and car-sharing programs, prior to his appointment.
Earlier this month, car rental firm Hertz Global Holdings (HTZ - Get Report) reported a 3% decline in revenue for its most-recent first quarter, plus a net loss from continuing operations of $223 million, or $2.69 per diluted share. Shares of Hertz subsequently were ripped to shreds on the news.
After the disastrous quarter, Kathryn Marinello, Hertz CEO and president, acknowledged recent industry "headwinds" and announced that the company would be conducting turnaround efforts "to strengthen the business to drive predictable, sustainable growth over the long term."
While America's largest auto retailer AutoNation's (AN - Get Report) first quarter wasn't as horrific as Hertz's, its revenue still only came in flat. The company's total revenue of $5.14 billion missed Wall Street's estimations for $5.34 billion, and its new car sales slid 0.1%, which CEO Mike Jackson said may be a continuing trend.
"We believe that we will grow our pre-owned sales much faster than the new vehicle sales," Jackson said on a company earnings call in late April.