DETROIT -- Auto dealership Group 1 Automotive cut its full-year profit forecast on Friday, citing hurricane-related losses and an expectation that vehicle sales would slow during the remainder of 2005.
The Houston-based company cut its full-year earnings per share outlook to a range of $2.75 to $2.80 from a previous range of $2.95 to $3.05.
Group 1 also said its quarterly results for the period ending Sept. 30 would include costs of 16 cents per share, mostly due to damages to dealerships stemming from Hurricanes Katrina and Rita on the Gulf Coast.
Group 1 ranked No. 5 on the Automotive News list of top 100 dealership groups in the United States with sales of 117,971 new-vehicle retail sales in 2004.