RTTNews | Oct 21, 2021 10:06AM EDT

10:05 Thursday, October 21, 2021 (RTTNews.com) - Shares of automotive retailer AutoNation, Inc. (AN) are rising more than 11% in the morning trade on Thursday following better-than-expected third quarter results.

Third quarter 2021 net income from continuing operations was $361.7 million, or $5.12 per share compared with $182.6 million, or $2.05 per share in the same quarter a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $4.2 per share for the quarter.

Revenue for the quarter increased to $6.379 billion from $5.405 billion last year ago, helped by strong demand for used cars during the pandemic. Its Used cars sales grew 53% year-over-year. The consensus estimate for revenue was $6.31 billion.

Additionally, the company announced its decision to acquire Priority 1 Automotive Group with annual revenue of about $420 million.

AN touched a new high of $131.12 this morning.

Read the original article on RTTNews ( https://www.rttnews.com/3234542/autonation-touches-new-high-after-upbeat-quarterly-results.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved