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April 27, 2022, 6:58 a.m. EDT

Group 1 Automotive doubles profit as sales jump

Group 1 Automotive Inc. (NYS:GPI) said Wednesday its first-quarter profit doubled to $197.1 million, or $11.88 a share, from $98.5 million, or $5.52 a share in the year-ago period. Adjusted earnings in the latest quarter totaled $10.81 a share. Revenue rose 30% to $3.84 billion. Analysts surveyed by FactSet expected the car retailer in the U.S. and the U.K. to earn $9.43 a share on revenue of $3.78 billion. CEO Earl J. Hesterberg said the company's record profit resulted from "continued strong consumer demand" as well as better-than-expected performance from its Prime Auto Group unit. Looking ahead, the Houston company expects strong vehicle sales margins but faces "constrained" vehicle supply. Shares of Group 1 Automotive are down 14.8% so far this year, compared to a drop of 12.4% by the S&P 500.

Link to MarketWatch's Slice.