Group 1 posts higher profit on strong new sales

Newswire

HOUSTON, July 25 (Reuters) - Automotive dealership conglomerate Group 1 Automotive Inc. on Thursday reported a 36 percent rise in second-quarter earnings as sales of new and used cars remained strong. Group 1 said net income rose to $19.1 million, or 78 cents per share, from $14.1 million, or 68 cents per share, in the year-ago quarter. Group 1, based in Houston, said revenue rose 2.6 percent to $1.03 billion for the quarter. U.S. new-vehicle sales ran stronger than expected in the ...

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