UPDATE: AutoNation Posts Upbeat Q2 Profit

AutoNation

reported a rise in its second-quarter profit. AutoNation's quarterly profit surged to $78.6 million, or $0.64 per share, versus $71.9 million, or $0.48 per share, in the year-earlier period. Its adjusted profit gained to $0.66 per share from $0.49 per share. AutoNation's sales surged 17% to $3.9 billion from $3.3 billion. However, analysts were expecting earnings of $0.59 per share on sales of $3.75 billion. AutoNation shares closed at $42.45 yesterday.