Reuters: Global Markets: Group 1 Automotive shares fall despite record profit

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Group 1 Automotive shares fall despite record profit Oct 25th 2012, 15:30 Thu Oct 25, 2012 11:30am EDT (Reuters) - Group 1 Automotive (GPI.N), the fourth-largest U.S. auto dealer group, reported record quarterly profit and sales, but shares fell after it failed to beat Wall Street's profit expectations. Group 1 shares fell 5.5 percent at $58.42 per share in morning trade on the New York Stock Exchange, after it matched analysts' earnings expectations of $1.32 per share. "Group 1 reported all-time record-setting revenues, gross profit, net income and diluted earnings per common share in the third quarter, driven by strong growth in all segments of the business, including record results in finance and insurance," said Earl J. Hesterberg, Group 1 chief executive. Sales rose 26 percent to $1.98 billion, including new-vehicle sales of $1.14 billion - up 32 percent. Net income was $31.3 million, or $1.32 per diluted share, up from $21.5 million, or 91 cents per diluted share, a year ago.

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