FORT LAUDERDALE, Fla. -- AutoNation Inc. (AN) on Thursday reported earnings that rose by 12 percent in its second quarter, and fell short of analysts' expectations.
Shares of the auto dealership chain fell more than 3 percent in premarket trading.
The Fort Lauderdale, Florida-based company said net income increased to $100.4 million, or 83 cents per share, from $89.9 million, or 73 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of 87 cents per share.
The company said revenue rose 8.2 percent to $4.79 billion from $4.43 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $4.77 billion, according to Zacks.
AutoNation shares fell 2.03, or 3.3 percent, to $58.80 before the stock market opened Thursday. They have risen $11.14, or 22 percent, to $60.83 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.2 percent. The stock has increased $15.36, or 34 percent, in the last 12 months.
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