UnitedAuto Profit Climbs 84 Percent
UnitedAuto Group Inc.'s fourth-quarter 2001 profit rose 84 percent and revenues increased 30 percent as new-car sales rose, and the third-biggest U.S. auto retailer predicted earnings in 2002 are expected to exceed analysts' forecasts.
Net income rose to $11.3 million, or 32 cents a share, from $6.12 million, or 21 cents, in fourth quarter 2000, the Detroit-based company said in a statement. Per-share figures reflect a 22 percent boost in the number of weighted average shares outstanding.
Revenue rose to $1.61 billion from $1.24 billion. Zero percent financing offered by automakers helped boost sales of new cars from U.S. brands by 17 percent at dealerships open at least a year, while same-store sales of new imports rose 27 percent, according to the company.
Profit for 2002 is expected to be at least $1.73 a share, based partly on new accounting
standards related to amortization of goodwill, according to CEO Roger Penske. The earnings are calculated on an estimated 39 million shares outstanding.
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