AutoNation Revs Up Sales In 4th Quarter
FT. LAUDERDALE (CBS4) - The nation's largest auto retailer, AutoNation Inc., revved up sales in the fourth-quarter and topped Wall Street's expectations.
Thanks to strong sales of new vehicles, the Ft. Lauderdale based company posted a 9 percent increase in net income for the quarter; $67.3 million (45 cents a share) for the final three months of 2010. In 2009, fourth quarter revenue was $61.7 million or 35 cents per share.
AutoNation officials said the sales of domestic vehicles including the General Motors, Ford and Chrysler brands, increased 22 percent, driven by strong sales of pick-up trucks. Sales of imported vehicles, including Toyota, Honda and Nissan models, increased 14 percent and premium luxury sales increased 4 percent.
"We are optimistic for the long-term prospects of the auto industry," said Mike Jackson, AutoNation chairman and CEO. Jackson said he expects the industry to sell 12.8 million vehicles in 2011.
For the full year, AutoNation said it earned $226.6 million, or $1.43 per share, compared with $198 million, or $1.12 per share, in 2009. Annual revenue increased 17 percent to $12.5 billion.
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