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Higher Vehicle Sales Boost Group 1 Results

October 30, 2003

Group 1 Automotive on Oct. 30 reported stronger third-quarter earnings, boosted by higher sales of new and used vehicles, according to a Reuters report.

Reuters said Houston-based Group 1 reported earnings rose to $21.7 million from $20.1 million in the year-earlier quarter, while revenues rose to $1.24 billion from $1.20 billion.

Excluding future acquisitions, Group 1 said it expects earnings next year of $3.10 to $3.30 per share, Reuters reported, noting that excludes an anticipated one-time expense of $4.1 million or 17 cents per share from the expected redemption of its bonds next March. Analysts had expected earnings next year of $3.43, according to Reuters.

The report noted that Group 1 said it plans to continue its acquisition strategy, and is targeting to add vehicle dealerships with total annual revenues of about $1 billion in 2004. Group 1 will seek to expand into new markets, as well as augment its current markets, the company reportedly said.

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