Group 1 Automotive Inc. (GPI) reported adjusted first-quarter 2013 net income of $29.2 million, a 26.5 percent increase, and adjusted earnings per common share of $1.16, a 19.6 percent increase, on a year-over-year comparable basis for the period ended March 31, 2013.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.
New vehicle revenue increased 21.7 percent reflecting 18.5 percent higher unit sales, as same-store new vehicle unit sales grew 5.8 percent.
Group 1's U.S. revenues were $1.7 billion, an increase of 8.5 percent. The revenue growth was primarily explained by unit sales increases of 7.4 percent in new vehicles and 6.1 percent in retail used vehicles, as well as an increase of 5.3 percent in parts and service revenue.
Group 1's U.K. operations, which include significant acquisitions, accounted for 8.7 percent of total revenues, 6.4 percent of total gross profit and 4.6 percent of the company's adjusted pretax income.
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