AutoNation Q1 new vehicle sales $2.80 bln vs. $2.80 bln; FactSet consensus $2.83 bln

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AutoNation matches profit expectations, is a little shy on sales

AutoNation Inc. reported Tuesday first-quarter net income of $93.7 million, or $1.01 a share, compared with $98.1 million, or 97 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.01. Revenue rose to $5.26 billion from $5.14 billion, just shy of the FactSet consensus of $5.27 billion. New vehicle sales inched up to $2.802 billion from $2.796 billion, below the FactSet consensus of $2.830 billion, while used vehicle sales rose to $1.331 billion from $1.241 billion, and topped expectations of $1.261 billion. Separately, the automotive retailer said it increased its share repurchase program by $250 million to $314 million. The stock, which was still inactive in premarket trade, has tumbled 20.4% the past three months, while the S&P 500 has lost 4.3%.

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