Group 1 Automotive Sees Q2 Results Significantly Lower Than Last Year

(RTTNews) - While reporting financial results for the first quarter on Tuesday, Group 1 Automotive Inc. (GPI) expects its second quarter results to be significantly lower than the prior year, while the potential long-term impact of COVID-19 pandemic is difficult to predict.

Moving forward, the company anticipates service will recover more quickly than vehicle sales, with both beginning to recover in the late spring and summer months as shelter in place policies continue to be lifted and consumers transition to more normal habits.

Additionally, as also announced in April 2020, the company suspended its dividend and cancelled its share repurchase program, as well as implemented capital expenditure deferrals, to preserve liquidity.