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AutoNation earnings beat Wall Street estimates

Feb 01 2013, 11:09 IST
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Mike Jackson, AutoNation's chief executive Mike Jackson, AutoNation's chief executive
SummaryThe group also said that it will change the branding of 210 of its stores to include the name AutoNation.

will be attained without hefty incentives.

Fort Lauderdale, Florida-based AutoNation reported fourth quarter net income of $83.2 million, or 67 cents per share, versus $69.4 million, or 49 cents per share a year ago.

Fourth-quarter revenue was $4.17 billion, up from $3.68 billion a year before. New vehicle sales rose 19 percent to $2.48 billion.

Excluding one-time items, AutoNation's earnings per share of 67 cents beat analysts polled by Thomson Reuters I/B/E/S expectations of 64 cents.

AutoNation repurchased 1.3 million shares for $49 million in the fourth quarter, at an average price of $39.21 per share. In 2012, it repurchased 16.6 million shares for $581 million, or $34.89 per share.

(Reporting By Bernie Woodall; Editing by Gerald E. McCormick, Grant McCool and Nick Zieminski)

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