FORT LAUDERDALE, Fla. -

Along with highlighting the company’s double-digit first-quarter net income gains, AutoNation chairman and chief executive officer Mike Jackson offered another assessment of  the Japanese earthquake’s impact on the full-year industry outlook.

“While the underlying recovery in consumer demand for autos remains on track in the United States, due to Japanese supply constraints throughout the remainder of 2011, we are revising our planning assumption for 2011 full-year U.S. industry new-vehicle sales downward from 12.8 million units to mid-12 million units,” Jackson stated Tuesday.

“Based on current information, we see significant reductions in vehicle shipments from Japanese manufacturers through year-end, with the resumption of normal shipment levels in early 2012,” he continued.

After making these remarks, Jackson added, “Our diversified business model is resilient and adaptable. We are confident we can manage through the challenges presented by Japanese product constraints. We also continue to be optimistic about the long-term recovery for the U.S. auto market."

AutoNation’s First-Quarter Financial Report

Jackson shared how AutoNation fared in the first quarter. The company generated $70 million, or 46 cents per share, in net income from continuing operations. In the same quarter a year ago, the company posted $59 million, or $0.34 per share, in net income

AutoNation calculated the improvement to be 35 percent on a per-share basis.

Moving along, the company reported its first-quarter revenue totaled $3.3 billion compared to $2.8 billion in the year-ago period, an increase of 17 percent. AutoNation determined the rise was driven primarily by stronger retail new- and used-vehicle revenue, which increased 19 percent.

AutoNation indicated its new-vehicle unit sales increased 20 percent on a same-store basis and 23 percent, overall.

In the first quarter, AutoNation pointed out its gross profit per new vehicle retailed benefited by $82 from the recognition of certain performance-based manufacturer incentives, which were related to premium luxury vehicles previously sold. The company computed gross profit and operating income in the first quarter were favorably impacted by $4.6 million related to these incentives.

AutoNation reiterated that it has three operating segments: domestic, import and premium luxury. The domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford and Chrysler. The import segment consists of rooftops that sell units made primarily by Toyota, Honda and Nissan. And the premium luxury segment is comprised of dealerships that sell vehicles manufactured primarily by Mercedes-Benz, BMW and Lexus.

Officials shared first-quarter segment results:

—Domestic: Segment income was $43 million compared to year-ago segment income of $32 million. First-quarter domestic retail new-vehicle unit sales increased 30 percent.

—Import: Segment income was $58 million compared to year-ago segment income of $50 million. First-quarter import retail new-vehicle unit sales increased 24 percent.

—Premium luxury: Segment income was $55 million compared to year-ago segment income of $47 million. First-quarter premium luxury retail new-vehicle unit sales increased 6 percent.

On the used-vehicle side, AutoNation calculated its first quarter retail used-vehicle revenue increased 13 percent. The company added parts and service revenue increased 6 percent, and finance and insurance revenue increased 16 percent compared to the first quarter 2010.

“We delivered solid double-digit growth in the first quarter, which was driven by both new and used vehicle unit sales and revenue,” Jackson concluded.