DETROIT -- Group 1 Automotive Inc. reported a third-quarter loss on Thursday as lower margins on new and used vehicles and an aftertax charge of nearly $30 million hurt its results.
The car dealership group said it lost $9.6 million, or 42 cents per share, compared with a profit of $21.7 million, or 92 cents a share, in the year-ago quarter.
The results included a noncash, aftertax charge of $29.4 million, or $1.26 per share, stemming from the writedown of goodwill and other assets linked to Group 1's operations in Atlanta.
Revenues totaled $1.53 billion, up from $1.24 billion a year earlier. Revenue at outlets open at least one year, a gauge known as same-store sales, fell 1.4 percent, however.
Group 1 cut its profit estimate for the full-year just last week, citing harsh market conditions and weather-related losses.