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AutoNation Q1 profit climbs 22.0% YOY

AutoNation Inc. said its first-quarter normalized net income was 98 cents per share, compared with the S&P Capital IQ consensus estimate of 89 cents per share.

EPS climbed 28.6% year over year from 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $112.5 million, a gain of 22.0% from $92.2 million in the year-earlier period.

The normalized profit margin increased to 2.3% from 2.1% in the year-earlier period.

Total revenue grew 13.3% year over year to $4.94 billion from $4.36 billion, and total operating expenses climbed 13.1% from the prior-year period to $4.73 billion from $4.18 billion.

Reported net income grew 16.5% from the prior-year period to $111.6 million, or 97 cents per share, from $95.8 million, or 79 cents per share.