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 story : AutoNation profit, revenue rise well above expectations on strong used and new vehicle sales #FinanceUSA #StockMarketNEWS AutoNation Inc. reported Monday second-quarter quarter profit and revenue

@stockMarketNEWS 11 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

AutoNation profit, revenue rise well above expectations on strong used and new vehicle sales #FinanceUSA #StockMarketNEWS
AutoNation Inc. reported Monday second-quarter quarter profit and revenue that rose well above expectations, with particular strength in used car sales. The car dealer's stock was little changed in premarket trading. Net income rose to 4.8 million, or .83 a share, up from 9.8 million, or .18 a share, in the year-ago period. The FactSet consensus for earnings per share was .81. Total revenue climbed 53.9% to .98 billion, above the FactSet consensus of .07 billion. New vehicle sales grew 51.6% to .43 billion, to beat the FactSet consensus of .04 billion, while used vehicle sales jumped 67.8% to .22 billion to beat expectations of .68 billion. The company said it repurchased 6 million worth of its stock during the second quarter, and authorized the repurchase of an additional billion worth of its shares. The stock has rallied 47.0% year to date through Friday, while the S&P 500 has gained 15.2%.


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