(By Balaseshan) AutoNation Inc. (NYSE: AN) reported better-than-expected quarterly earnings as the automotive retailer benefited from 13% jump in revenue due to stronger retail new vehicle unit sales.
Earnings from continuing operations were $82.9 million or $0.67 per share for the fourth quarter, compared with $69.9 million or $0.50 per share in the comparable period of last year. Adjusted EPS rose 31.4% to $0.67.
Revenue rose 13% to $4.17 billion, increasing across all major business sectors, with retail new vehicle unit sales 17.4%.
Analysts, on average, polled by Thomson Reuters expected earnings of 64 cents per share on revenue of $4.01 billion for the fourth quarter.
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Fort Lauderdale, Florida-based AutoNation's Domestic segment is comprised of stores that sell vehicles manufactured by General Motors (NYSE: GM), Ford (NYSE: F), and Chrysler. Its Import unit consists of stores that sell vehicles manufactured primarily by Toyota, Honda, Hyundai and Nissan.
The company's Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Audi and Lexus.
AN is trading up 3.55% at $46.38 on Thursday. The stock has been trading between $31.57 and $48.56 for the past 52 weeks.