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Newswire

Auto dealer Group 1 posts lower profits

HOUSTON, Feb 19 (Reuters) - Group 1 Automotive Inc. , an auto dealer conglomerate, on Wednesday reported a decline in fourth-quarter earnings as new car sales and used car prices weakened.

The company said earnings fell to $12.3 million, or 53 cents per share, from $16.2 million, or 68 cents per share, a year earlier.

Group 1 had told analysts in December to expect earnings per share of about 50 cents due to a decline in new vehicle sales.

Revenue of $1 billion was about the same as a year earlier.

Group 1 said it expects 2003 earnings of $3.10 to $3.30 per share, up from $2.80 in 2002, due to increased parts and service revenue and cost cutting.