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    Group 1 Auto 4th-quarter profit nearly doubles

    Associated Press – Thu, Feb 9, 2012

    HOUSTON (AP) — Group 1 Automotive Inc. said Thursday its fourth-quarter profit nearly doubled as it sold more cars and got a boost from easy comparisons to a prior-year period weighed down by hefty charges.

    The Houston-based automotive retailer earned $20.9 million, or 90 cents per share, up from $10.6 million, or 45 cents per share, in the same quarter the prior year.

    Excluding one-time gains and losses, the company posted an adjusted profit of $22 million, or 94 cents per share, compared with an adjusted $14.7 million, or 62 cents per share, in the year-ago period.

    Revenue rose 13 percent to $1.63 billion from $1.44 billion.

    The results beat Wall Street predictions. Analysts, on average, expected a profit of 87 cents per share on $1.58 billion in revenue, according to a FactSet poll.

    Analysts' estimates usually exclude one-time items.

    Sales of new vehicles rose 14 percent, while retail used vehicle sales increased 17 percent, as the number of cars sold and their average sale prices both increased.

    For the full year 2011, Group 1 earned $82.4 million, or $3.47 per share, up from $50.3 million, or $2.09 per share, in 2010. Revenue rose to $6.08 billion from $5.51 billion.

    Group 1 owns and operates 111 automotive dealerships, 143 franchises, and 28 collision centers in the U.S. and the U.K.

    In afternoon trading, Group 1 shares rose $1.68, or 3 percent, to $57.05.

     

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