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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