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AutoNation, the largest U.S. auto retailer, on Thursday posted a quarterly profit on cost-cutting and the U.S. government's "Cash for Clunkers" program and said it would target dealership acquisitions as the market recovers.
The company [AN
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], which has been slashing costs to ride out the slump in industry-wide sales, also said its board approved plans to increase investment in its stores by 65 percent in 2010 and to buy back up to an additional $250 million in stock.
Net earnings were $65 million, or 36 cents per share, compared with a loss of $1.4 billion, or $7.99 per share, a year earlier.
Revenue for the third quarter dropped 15 percent to $2.9 billion, in line with the slump in U.S. auto sales.
Earnings per share topped the 35 cent average forecast of analysts polled by Thomson Reuters I/B/E/S.
Analysts on average had forecast quarterly revenue of $3.1 billion. Shares rose 2 percent in premarket trade to $18.50.
AutoNation Chief Executive Mike Jackson said he expects U.S. auto sales to recover gradually starting in 2010 from the "depression levels" of just over 10 million vehicles expected for 2009.
He forecast 2010 sales of over 11 million vehicles.
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