FORT LAUDERDALE, Fla. - AutoNation Inc., the nation's largest dealer of new and used cars and trucks, said on Thursday its quarterly earnings climbed on steady consumer demand for vehicles.
Net income rose to $103.8 million, or 32 cents a share, in the second quarter from $86.3 million, or 26 cents a share, in the same period a year ago. Revenue rose to $5.02 billion from $4.95 billion.
Analysts on average had expected a profit of 30 cents per share, within in a range of 29 cents to 30 cents, according to Thomson First Call.
Fort Lauderdale, Fla.-based AutoNation in April raised its forecast for second-quarter earnings to 28 cents to 30 cents a share and its full-year forecast to $1.12 to $1.15 a share. AutoNation said in the first quarter, when earnings swelled 53 percent, it benefited from improved profit margins for used vehicle sales and from low interest rates, which reduced the cost of carrying inventory.
Shares of AutoNation on Wednesday closed at $12.30, after bouncing off an eight-month low, on the New York Stock Exchange. The stock rose about 4.2 percent in the second quarter.