HOUSTON -- Group 1 Automotive Inc., an auto dealer conglomerate, on Wednesday reported a decline in fourth-quarter earnings as new-car sales and used-car prices weakened.
The company said earnings fell to $12.3 million, or 53 cents per share, from $16.2 million, or 68 cents per share, a year earlier.
Group 1 had told analysts in December to expect earnings per share of about 50 cents due to a decline in new-vehicle sales.
Revenue of $1 billion was about the same as a year earlier.
Group 1 said it expects 2003 earnings of $3.10 to $3.30 per share, up from $2.80 in 2002, due to increased parts and service revenue and cost cutting.