DETROIT, July 31 (Reuters) - Auto dealer Group 1 Automotive Inc. on Thursday reported stronger second-quarter earnings due to higher sales of new and used vehicles.
The Houston-based company said earnings rose to $20.0 million, or 86 cents per share, from $19.1 million, or 78 cents per share, a year earlier.
Wall Street per-share earnings estimates had ranged between 75 cents and 82 cents, with an average of 78 cents, according to a survey of five analysts by Reuters Research, a unit of Reuters Group Plc.
Group 1 said it still expects earnings per share for 2003 to range between $3.10 and $3.30, excluding the impact of its recently-announced debt offering .