By Srebrenka Kac on Jul 26, 2011 in Business News, Featured, United Kingdom
Group 1 Automotive, Inc a Fortune 500 automotive retailer, today reported record second-quarter earnings of $1.06 per diluted share on net income of $24.7 million for the period ended June 30.
?Despite an industry SAAR nearly one million units below the first quarter and severe supply shortages in the 62 percent of our business normally represented by Japanese brands, Group 1?s operating team turned in one of the best profit performances in our company?s history,? said Earl J. Hesterberg, Group 1?s president and chief executive officer. ?We were able to generate revenue increases in every business segment, significantly increase our new and used vehicle margins and maintain strong expense controls in a constrained vehicle sales market.?
Group 1 reported second-quarter total revenues of $1.5 billion, a 3.9 percent increase from the prior-year period. Gross profit grew 7.7 percent to $244.2 million, as the company successfully managed through the low-inventory sales environment.
About Group 1 Automotive, Inc.
Group 1 owns and operates 105 automotive dealerships, 134 franchises, and 28 collision service centers in the United States and the United Kingdom that offer 29 brands of automobiles.
Source: http://eyugoslavia.com/featured/26/group-1-automotive-reports-record-second-quarter-results-2219759/
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