AutoNation hikes 1st-quarter profit outlook again as auto sales rebound
By APTuesday, April 6, 2010
AutoNation raises 1Q profit forecast again
FORT LAUDERDALE, Fla. — Auto dealership chain AutoNation is raising its first-quarter profit forecast above analyst expectations.
The company says it now expects earnings from continuing operations of 32 cents to 35 cents per share. That’s up from the 29 cents to 32 cents it forecast last week.
It still expects revenue of about $2.8 billion
Analysts surveyed by Thomson Reuters expect 31 cents per share on $2.75 billion in sales. Such estimates typically exclude one-time items.
The market for new cars and trucks has been recovering in recent months. Auto sales are up 15.5 percent for the first three months of the year.
Shares rose 47 cents, or 2.5 percent, to $18.51 in morning trading.
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