UPDATE: AutoNation Q2 Net Profit Rises 14%

AutoNation

reported a 14% rise in its second-quarter earnings. AutoNation's revenue from new vehicles climbed 14% to $2.49 billion, while sales of used-vehicle rose 12% to $1.06 billion. AutoNation's quarterly profit surged to $89.9 million, or $0.73 per share, from $78.6 million, or $0.64 per share, in the year-ago period. Its revenue climbed 13% to $4.43 billion. However, analysts were expecting earnings of $0.73 per share on revenue of $4.33 billion. AutoNation's gross margin shrank to 15.7% from 16.1%. AutoNation shares closed at $45.47 yesterday.