Group 1 Automotive on Thursday reported stronger third-quarter earnings, boosted by higher sales of new and used vehicles, Reuters said.
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According to the report, Houston-based Group 1 said earnings rose to $US21.7 million from $20.1 million in the year-earlier quarter while revenues rose to $1.24 billion from $1.20 billion.
Excluding future acquisitions, Group 1 said it expects earnings next year of $3.10 to $3.30 per share, Reuters said, noting that excludes an anticipated one-time expense of $4.1 million or 17 cents per share from the expected redemption of its bonds next March. Analysts had expected earnings next year of $3.43, according to Reuters Research.
According to Reuters, Group 1 said it plans to continue its acquisition strategy, and is targeting to add vehicle dealerships with total annual revenues of about $1 billion in 2004. Group 1 will seek to expand into new markets, as well as augment its current markets, the company reportedly said.
