UPDATE: AutoNation Reports 24% Surge In Q3 Net Profit

AutoNation Inc AN reported a 24% rise in its third-quarter net profit on Thursday. AutoNation's quarterly net profit surged to $70.7 million, or $0.48 per share, from $56.9 million, or $0.38 per share, in the year-ago period. Its revenue gained 7% to $3.5 billion. However, analysts were expecting earnings of $0.47 per share on revenue of $3.4 billion. AutoNation's board also authorized the repurchase of a further $250 million of stock. AutoNation shares dropped 0.99% to close at $37.09 yesterday.