Earnings AutoNation posts profit in 3Q on lower costs
October 29, 2009
By: The Associated Press
utoNation Inc., the nation's largest automotive retailer, says it made money in the third quarter as lower costs and a boost from the Cash for Clunkers program helped it recover from a loss in the year-ago period.
The company says it earned $65 million, or 36 cents per share, in the three months ended Sept. 30. It lost $1.41 billion, or $7.99 per share, due to big asset write-downs in the same quarter last year.
It says sales fell 13 percent to $2.92 billion. CEO Mike Jackson says the program boosted the company's bottom line by 7 cents per share.
Analysts surveyed by Thomson Reuters expected the company to earn 35 cents per share on $3.13 billion in sales.
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