S&P 500 (NYSE:SPY) component Autonation Inc (NYSE:AN) reported net income above Wall Street’s expectations for the second quarter. AutoNation offers a range of automotive products and services, including new and used vehicles, parts and automotive repair, and maintenance services, as well as automotive finance and insurance products.
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Autonation Inc Earnings Cheat Sheet
Results: Net income for Autonation Inc rose to $78.6 million (64 cents per share) vs. $71.9 million (48 cents per share) in the same quarter a year earlier. This marks a rise of 9.3% from the year-earlier quarter.
Revenue: Rose 17.5% to $3.9 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Autonation Inc reported adjusted net income of 66 cents per share. By that measure, the company beat the mean estimate of 59 cents per share. It beat the average revenue estimate of $3.73 billion.
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 5.2% and in the fourth quarter of the last fiscal year, the figure rose 3.1%.
Revenue has risen the past four quarters. Revenue increased 10.4% to $3.66 billion in the first quarter. The figure rose 14.6% in the fourth quarter of the last fiscal year from the year earlier and climbed 6.7% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now beaten analyst estimates for three quarters in a row. It beat the mark by 3 cents in the first quarter and by 3 cents in the fourth quarter of the last fiscal year.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to 61 cents per share from 59 cents. The average estimate for the fiscal year is $2.34 per share, a rise from $2.27 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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