AutoNation ( AN) offered earnings guidance that appeared to trail analyst estimates Friday, two weeks after announcing a leveraged stock buyback that has done little to revive its shares. AutoNation expects to earn 32 cents to 35 cents a share, including a 1-cent charge related to employee stock options, in its first quarter. The Thomson First Call consensus, which probably excludes the options expense, is for earnings of 37 cents a share in the quarter. The company said rising interest rates will cost it 2 cents a share of earnings during the period. AutoNation announced on March 7 that it was borrowing more than $900 million to help finance the repurchase of 19% of its common stock at $23 a share through a Dutch auction tender. The stock was trading at $20.89 prior to the news and closed Thursday at $21.75. The buyback limited the downside in the shares Friday. In recent premarket trading, AutoNation was up a penny to $21.76. The company expects revenue to be "stable to slightly increased." Analysts are calling for revenue of $4.79 billion in the quarter, which ends this month.