Group 1 Automotive posts $5.4 billion quarterly revenue
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Key points
- Group 1 Automotive reported a 6.7% decline in third-quarter revenue to $5.4 billion.
- Net income jumped to $102.9 million after asset impairments dropped significantly year-over-year.
- The company expects its recent 10-dealership acquisition to generate $1.7 billion in annual revenue.
Group 1 Automotive (NYSE:GPI) reported a 6.7% drop in third-quarter revenue to $5.4 billion.
Net income rose to $102.9 million from $13.1 million last year as asset impairments steeply declined.
Adjusted earnings per share fell to $9.36 from $10.45 during the prior year period.
The company recently purchased 10 Hennessy dealerships, which it expects will generate $1.7 billion annually.
Subsequent United States dealership sales raised $235 million to optimize the company's regional portfolio.
Group 1 Automotive stated that it expects to use $125 million from upcoming sales to reduce leverage.
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