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AutoNation top earnings expectations, as big beat in used vehicles offset decline in new vehicles

·1 min read
AutoNation top earnings expectations, as big beat in used vehicles offset decline in new vehicles
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Shares of AutoNation Inc. rallied 1.3% in premarket trading Thursday, after the auto seller reported first-quarter profit and revenue that rose above expectations, as a big beat in sales of used vehicles offset a slight miss in new vehicles. Net income increased to $362.1 million, or $5.78 a share, from $239.4 million, or $2.85 a share, in the year-ago period. The FactSet consensus for earnings per share was $5.25. Revenue grew 14.4% to $6.75 billion, above the FactSet consensus of $6.51 billion