DETROIT (Reuters) - AutoNation Inc (AN.N), the largest U.S. automotive retailer, posted slightly lower than expected third-quarter earnings and revenue on Thursday and its shares fell more than 7 percent.
The dealership group reported net income of $82 million or 66 cents per share, compared with $71 million or 48 cents per share a year ago. Analysts, on average, had expected the company to earn 67 cents per share, according to Thomson Reuters I/B/E/S.
Revenue came in at $3.93 billion, slightly short of the $3.95 billion that analysts had expected. In an interview, Chief Executive Mike Jackson said the earnings miss was due to AutoNation buying back fewer shares than expected.
Reporting By Deepa Seetharaman; Editing by Gerald E. McCormick