Profit improves for big LV auto seller

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Friday, April 28, 2000 | 10:49 a.m.

AutoNation Inc. reported first quarter net income of $64.7 million or 18 cents per share, up from $58.4 million or 13 cents a share in the year ago period.

The quarterly earnings surpassed the median estimate of 14 cents per share expected by analysts surveyed by Zack's Investment Research.

The company also reported quarterly revenue rose 15 percent to $5.23 billion from $4.56 billion one year earlier.

AutoNation Chief Executive Officer Michael J. Jackson said the improved operating performance was driven by cost reductions combined with acquisitions and strong new vehicle sales.

The company also named Craig T. Monaghan as its new chief financial officer. Monaghan most recently served as CFO for the Internet company iVillage.com.

AutoNation owns 10 car dealerships in Metro Las Vegas. The company operates more than 400 new vehicle franchises nationwide, and reported $20 billion in annual revenue last year.