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Autonation Beats Estimates
Description
AutoNation Inc ($AN@US) reported a better-than-expected quarterly profit on Thursday after benefiting from higher vehicle prices and tightening inventories. The firm also announced a $1 billion share buyback scheme. The COVID-19 pandemic pushed Americans to purchase more cars, opting for personal transportation over public transit like trains and buses. AutoNation’s used car revenue rose 53% while new car revenue ticked up slightly. Analysts expected the firm to report earnings per share at $4.20 while AutoNation beat expectations with an adjusted net income of $5.12 per share. AutoNation stock rose nearly one and half percent in early trading.
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Keywords & tags
#earnings
#finance
#COVID-19
#inflation
#business
#pandemic
#earnings season
#sales
#economic recovery
#public transit
#beat estimates
#economic growth
#analyst estimates
#annual report
#quarterly results
#quarterly report
#AutoNation
#Beats Estimates
#Auto Retailer
#higher vehicle prices
#used car revenue
#net income
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