Group 1 Automotive posts third-quarter earnings of $9.36 a share, below expectations
Revenue was $5.40 billion against $5.64 billion expected, and the company bought back no shares in the quarter.
Published
Group 1 Automotive reported third-quarter earnings of $9.36 a share, $0.39 below expectations. Revenue came in at $5.40 billion, against $5.64 billion expected. Both measures fell short, so the gap is not confined to one part of the business.
Service was the firmest part of the quarter. Same-store customer pay revenue and repair orders in the U.S. rose 3 per cent and 4 per cent from a year earlier. President and CEO Daryl Kenningham said cost-cutting actions taken earlier in the year aided that growth.
The company did not buy back any common shares in the quarter. The authorization still has $306.3 million remaining.
The earnings base therefore rests in part on cost control, not on volume alone.
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