Group 1 Automotive Q1 Adj. Profit Beats Estimates

(RTTNews) - Fortune 500 automotive retailer Group 1 Automotive, Inc. (GPI) Wednesday announced a 4.3 percent decline in first quarter net income to $34.29 million from $35.82 million in the prior year. Earnings per share was $1.47, in line with last year. On an adjusted basis, net income was $37.1 million or $1.59 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $1.49 per share. Analysts estimates usually exclude special items.

Revenues for the quarter increased 7.2 percent to $2.608 billion from $2.432 billion in the prior year. New vehicle sales increased $1.409 billion from $1.332 billion in the previous year. Wall Street expected the company to record revenues of $2.61 billion.

Earl Hesterberg, president and chief executive officer said, "We are pleased with this quarter's consolidated top-line revenue growth of 9.7 percent on a local currency basis, which was driven by strong performance from our U.K. team and impressive used vehicle and service growth in our U.S. operations."