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UPDATE 1-AutoNation profit falls on higher expenses, lower margins [Reuters]

AUTONATION (AN)  More Company Research Source: Reuters
Last autonation earnings: 5/1 07:00 am Check Earnings Report
US:NYSE Investor Relations: investors.autonation.com
PDF UPDATE 1-AutoNation profit falls on higher expenses, lower margins | Reuters Reuters Staff 2 Min Read (Adds details, CEO comments, stock action) May 1 (Reuters) - AutoNation Inc shares fell more than 3 percent on Tuesday after the company posted a lower quarterly net profit due to higher interest expenses, narrower margins on new vehicle sales and costs for launching expanded repair parts operations. The largest U.S. auto retail chain’s first-quarter net profit was in line with analyst expectations. Chief executive officer Mike Jackson told Reuters that investment costs for the repair parts business, part of a broader strategy to increase AutoNation’s profits from higher-margin service and financing operations, should decline during the remainder of the year. “You will see leverage as we go deeper in the year,” he said. AutoNation said its retail new vehicle sales overall fell 2 percent in the first quarter from a year ago, and gross profits from new vehicle sales declined an average [Read more]

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