AutoNation Inc., a retailer of new and used vehicles, reported October 25th a third-quarter net income of $79.2 million, or $0.24 per share, for the three months ended September 30, 2001. This meets the analysts' consensus estimate, despite a challenging new vehicle sales environment, as same-store sales rose for the company's finance and insurance products, parts and service and used vehicles.

The third-quarter net income of $0.24 per share earned on revenue of $5 billion also matched the company's year-ago earnings per share of $0.24, which was based on net income of $86.3 million and revenue of $5.3 billion. The year-earlier result excludes one-time items that resulted in a net gain of $6.8 million, or $0.02 per share.

"Our strategic focus on higher margin businesses continues to pay off, delivering solid results despite a challenging sales environment and a disruption to our business in September," said AutoNation CEO Mike Jackson. "This demonstrates the resiliency of our automotive retail model."

The company said same-store revenue in the third quarter increased 11% for finance and insurance products, 5% for parts and service and 1% for used vehicles. Meanwhile, same-store sales revenue for new vehicles declined 9%.

AutoNation will discuss its third-quarter results, its earnings outlook and supporting assumptions later this afternoon during a 1 p.m., Eastern Time, conference call. To listen to the call, dial 800-288-8967 or listen via the audio webcast offered at www.autonation.com by clicking on the "Corporate Site" link and then clicking on the webcast icon. A playback of the conference call will be available after 4:30 p.m., Eastern Time, through November 2, 2001. The playback can be accessed by calling 800-475-6701 (access code 604743) or by visiting the "Audio Presentation" section of the Investor Relations page of AutoNation's corporate site.