Why AutoNation Stock Popped Today
Shares of AutoNation (NYSE: AN) have popped today, up by 7% as of 1 p.m. EDT, after the car retailer reported second-quarter earnings. The company beat expectations and benefited from a shift to online sales.
Total revenue in the second quarter came in at $4.5 billion, with same-store sales falling 14%. That all led to adjusted earnings per share of $1.41. Consensus estimates called for $4 billion in sales and $0.37 per share in adjusted profit. AutoNation also recognized a non-cash, after-tax unrealized gain of $161 million related to its investment in Vroom, an online auto marketplace.
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Source Fool.com
