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AutoNation Q3 net income $108 million

Staff Writer | October 29, 2016
AutoNation reported third quarter 2016 net income from continuing operations of $108 million, or $1.05 per share.
AutoNation
AutoNation   $1.05 per share
This compares to net income from continuing operations of $119 million, or $1.05 per share, for the same period in the prior year.

AutoNation estimates that the Takata airbag recall negatively impacted third quarter 2016 net income from continuing operations by approximately $6 million after-tax, or $0.06 per share.

At the end of the third quarter, approximately 14% of AutoNation's used vehicle inventory was on hold due to the Takata airbag recall.

Commenting on the quarterly results, Mike Jackson, chairman, CEO and president, said, "Certain manufacturers continued disruptive marketing and sales incentives, which resulted in multi-tier pricing and were unfair for consumers as well as retailers.

"In the third quarter, these incentives had a significant negative impact on new vehicle volume and gross profit per new vehicle retailed."


 

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