AutoNation Q3 Profit Rises, Tops Estimates; Sets $250 Mln Stock Buyback

(RTTNews) - Automotive retailer AutoNation, Inc. (AN) Tuesday reported higher earnings for the third quarter, as revenues rose by 10 percent year-on-year. Also, the company said it will buy back up to an additional $250 million of its common stock. The company's net income from continuing operations improved to $107 million or $0.90 per share from $93 million or $0.75 per share, for the same period last year. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.86 per share for the quarter. Analysts' estimates typically exclude special items. Driven by stronger performance in all of the group's business sectors, quarterly revenue rose to $4.9 billion from $4.5 billion in the year-ago period. Analysts estimated revenues of $4.80 billion. For fiscal 2015, the firm expects continued growth in new vehicle unit sales, with 2015 industry new vehicle sales above 17 million units.