AutoNation said first quarter results were hit by costs of $6.8
million, or six cents a share, for hail damage to vehicles, and
another $3.2 million, or 3 cents a share, related to stock
compensation costs shifted into the quarter.
Analysts had expected the company to report net income from
continuing operations of 93 cents a share for the quarter,
according to ThomsonReuters I/B/E/S. The company reported $5.1
billion in revenue for the January to March period, short of
analysts' consensus forecasts of $5.29 billion.
AutoNation Chief Executive Mike Jackson said the U.S. auto
industry is in a "plateau environment," and said retail car and
light truck sales in the quarter were flat. He reiterated a
forecast that total U.S. car and light truck sales will be above
17 million for the year.
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