AutoNation Beats Quarterly Estimates

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Bloomberg News - July 19, 2012

Auto­Na­tion second-quarter net income rose to $78.6 mil­lion from $71.9 mil­lion a year ear­lier, sales increased 17 per­cent to $3.9 bil­lion, and profit from con­tin­u­ing oper­a­tions climbed to 66 cents a share, top­ping the 59-cent aver­age esti­mated by analysts.

Pent-up demand helped fuel the U.S. auto mar­ket growth since indus­try sales plunged to 27-year low in 2009.

A recov­er­ing hous­ing mar­ket and improve­ments in the fuel econ­omy of pick­ups such as Ford’s F-Series will help sus­tain growth in truck sales, Michael Maroone, AutoNation’s chief oper­at­ing offi­cer, said in a phone interview.

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