Group 1 Automotive Q3 Profit More Than Triples; Results Beat View

(RTTNews) - Group 1 Automotive Inc. (GPI), an automotive retailer, on Thursday reported third-quarter net income of $121.9 million or $6.83 per share, up sharply from $36.7 million or $2.04 per share in the year-ago period.

Adjusted earnings for the quarter were $6.97 per share, compared to $3.02 per share in the prior-year quarter.

Third-quarter total revenue declined 2.5 percent to $3.04 billion from $3.12 billion a year ago.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $6.07 per share for the quarter on revenues of $3.01 billion. Analysts' estimates typically exclude special items.

Group 1 Automotive expects to reinstate a quarterly cash dividend following its board meeting in mid-November 2020, and payable in mid-December 2020.