AutoNation Q1 Earnings Rise; Adj. EPS Tops Estimates

(RTTNews) - Automotive retailer AutoNation, Inc. (AN) said its net income from continuing operations for the first quarter was $96 million or $0.79 per share, compared to last year's $83 million or $0.68 per share.

America's AutoNation reported adjusted earnings per share from continuing operations of $0.75. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $0.73 for the quarter. Analysts' estimates typically exclude one-time items.

For the first quarter, revenues grew 7 percent to $4.4 billion from last year's $4.1 billion, driven by stronger performance in all business sectors - new vehicles, used vehicles, parts and service, and finance and insurance. Analysts had expected revenues of $4.32 billion for the quarter.

In the first quarter, AutoNation's retail new vehicle unit sales increased 4 percent on a same store basis and 6 percent overall.

Mike Jackson, Chairman and CEO, said, "AutoNation delivered solid growth in EPS and operating income in the first quarter of 2014 compared to the prior year, driven by gross profit growth in all of our business sectors. We continue to expect U.S. industry new vehicle unit sales to increase 3% to 5%, bringing U.S. industry new vehicle sales above 16 million units in 2014."