AutoNation shares jump 6% premarket as earnings top estimates

AutoNation shares jump 6% premarket as earnings top estimates

AutoNation Inc. shares rose 6% in premarket trade Tuesday, after the auto retailer swept past profit estimates for the fourth quarter. The company said it had net income of $157.7 million, or $1.74 a share, in the quarter, up from $92.7 million, or $1.02 a share, in the year-earlier period. The number includes net gains from store and property divestitures of $20 million after-tax, or 22 cents a share, and a non-cash gain related to an investment in Vroom of $19 million after-tax, or 21 cents a share. Revenue rose to $5.548.9 billion from $5.411.7 billion, also ahead of the $5.533 billion FactSet consensus. Same-store sales rose 4.0% to beat the 3.8% FactSet consensus. New vehicle sales fell to $3.025.4 billion from $3.066.6 billion, used car sales rose to $1.344.6 billion from $1.212.4 billion, parts and service revenue rose to $891.3 million from $868.0 million and finance and insurance revenue rose to $265.4 million from $245.4 million. Shares have gained 18% in the last 12 months, while the S&P 500 has gained 24%.

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