AutoNation 2Q Revenue Falls on Lower New-Vehicle Sales
Dow Jones07-31
AutoNation logged lower revenue after sales of new vehicles declined in the second quarter.
The auto retailer on Friday posted a profit of $182.1 million, or $5.39 a share, compared with $86.4 million, or $2.26 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $5.56, ahead of the $5.48 anticipated by analysts, according to FactSet.
Revenue fell 1% to $6.93 billion, missing analysts' estimate of $7 billion. Same-store sales fell 2%.
New-vehicle sales declined 3% to $3.29 billion, while used-vehicle sales increased 1%. Revenue from parts and services also increased slightly.
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