Group 1 Automotive Reports Loss In Q4

(RTTNews) - Group 1 Automotive, Inc. (GPI) announced loss of $33.387 million in the fourth quarter compared to profit of $18.677 million last year. On a per share basis, loss were $1.41 compared to profit of $0.77 last year. Adjusted earnings was $1.51 per share.

The company said its fourth quarter results were significantly hampered by the negative impact of continued oil and gas price decreases on the economy in prime markets of Houston, Oklahoma and Texas in general. Additionally, it suffered from increased new and used vehicle margin pressure resulting from oversupply in a variety of key brands, especially in the U.S. luxury segment.

On average, 11 analysts polled by Thomson Reuters expected the company to earn $1.80 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased 5.3 percent to $2.672 billion from $2.538 billion in the previous year. On a constant currency basis, revenue was up 8.2 percent. Wall Street expected $2.67 billion.

The company declared fourth quarter dividend of $0.22 payable on March 15, to shareholders on record March 1, 2016. Its board has increased sharepurchase authorisation to $150 million from $78.2 million.