AutoNation 2Q net up 9 pct on increased car sales

[July 19, 2012]  RICHMOND, Va. (AP) -- AutoNation says that its second-quarter net income rose more than 9 percent on growing new and used vehicle sales.

Its results beat Wall Street expectations, and its shares rose 2 percent in premarket dealings.

The nation's largest auto dealership chain said Thursday that its net income rose to $78.6 million, or 64 cents per share. That's up from $71.9 million, or 49 cents per share, a year earlier.

On an adjusted basis, AutoNation earned 66 cents per share, beating Wall Street estimates of 59 cents per share.

The company, based in Fort Lauderdale, Fla., says revenue increased 17 percent to $3.9 billion. Analysts expected $3.71 billion.

AutoNation Inc. says new-vehicle sales rose 29 percent, with strong sales particularly on imported vehicles. That's compared estimated total industry increase of 15 percent.

Used vehicle revenue rose 8 percent.

[Associated Press; By MICHAEL FELBERBAUM]

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