Shares of AutoNation Inc. (AN) are rising almost 8 percent or $5 in Wednesday's morning trade at $68.03, after touching a new 52-week high of $69.28 as the automotive retailer reported better-than-expected results for the third quarter and also increased its share repurchase authorization.
Wednesday, AutoNation reported quarterly earnings of $182.6 million or $2.05 per share, up from $99.5 million or $1.10 per share, in the year-ago period. Adjusted earnings were $2.38 per share. Revenue, however, declined 1 percent to $5.40 billion from $5.46 billion a year ago. Analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.60 per share on revenues of $5.12 billion.
AutoNation also said its board increased the company's share repurchase authorization to $500 million. As of October 19, the company has approximately 87.9 million shares outstanding.
AutoNation has traded in a range of $20.59 to $69.28 in the past 52 weeks.
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