Group 1 Automotive Q2 Results Rise; Top Street View

(RTTNews) - Automotive retailer Group 1 Automotive, Inc. (GPI) on Thursday recorded higher profit in the second quarter, aided by dealership and real estate transaction gains and a tax benefit regarding the revaluation of deferred tax items in the U.K. The second quarter results came in above the Street expectations.

The company posted second-quarter net income of $191 million or $10.35 per share, higher than net income of $30.2 million or $1.63 per share in the same period last year.

Excluding items, income was $190.2 million or $10.31 per share, compared to income of $69.6 million or $3.77 per share in the corresponding quarter last year.

On average, 6 analysts polled by Thomson Reuters expected the company to post earnings of $7.13 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Quarterly revenues totaled $3.7 billion, up 73 percent from last year's $2.1 billion. Analysts were looking for revenues of $3.21 billion in the three-month period.