Stock Alert: AutoNation Spikes On Q1 Earnings

(RTTNews) - Shares of automotive retailer AutoNation, Inc. (AN) are rising more than 5% Monday on the back of upbeat first-quarter earnings.

AutoNation said sales started strengthening in April with same-store new and used retail unit sales down 19% during the final 10 days, compared to 52% drop during the first 10 days.

For the first quarter, net loss from continuing operations for the first quarter was $232 million, or $2.58 per share, compared to net income from continuing operations of $92 million, or $1.02 per share, in the prior-year period. The company had incurred non-cash charges in the first quarter, as the result of COVID-19 related impacts to the business and market valuation.

Excluding items, earnings of $0.91 beat the average estimate of 10 analysts polled by Thomson Reuters at $0.69.

Revenue for the quarter decreased to $4.667 billion from $4.982 billion in the same quarter a year as the Covid-19 pandemic has adversely impacted the company's operations.

AutoNation stock is currently trading at $40.07. It has traded in the range of $20.59- $53.19 in the last 52 weeks.