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Auto dealership group AutoNation said on Thursday that profit rose 30 percent in the fourth quarter on cost-cuts and a gain from a tax adjustment.
The company's earnings rose to $67.1 million, or 38 cents per share, from $51.7 million, or 28 cents per share, a year ago.
Adjusted income from continuing operations was 12 cents per share, or 2 cents higher than the average estimate of Wall Street analysts, according to Reuters Estimates. Revenue fell to $2.7 billion during the quarter from $4.1 billion in the same period a year ago.
The company said it had a net benefit from certain items of $48 million, or 28 cents per share, including a net positive tax adjustment of 18 cents per share.
"The fourth quarter was negatively impacted by the credit panic triggered on September 15 by the bankruptcy of Lehman Brothers," AutoNation [AN
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] Chief Executive Mike Jackson said. "Automotive retail sales collapsed from one day to the next as credit for our customers was withdrawn from the market."
Jackson said the panic continued to erode consumer confidence and accelerated the decline in the U.S. economy and auto retail market.
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