(Reuters) --Soaring sales of new and used vehicles boosted the first-quarter results at Group 1 Automotive Inc. and Asbury Automotive Group Inc.
The results underscored what has emerged as a blockbuster quarter for most of the major U.S. auto dealership groups. AutoNation Inc., Penske Automotive Group Inc., Lithia Motors Inc., and Sonic Automotive Inc. all reported solid quarters in their reports this week.
Group 1 today said it posted its biggest quarterly profit ever. And the retailer said it expects new vehicle industry sales of 14.5 million units in 2012.
The company is heavily reliant on Toyota Motor Corp. for its sales. In the first quarter, Toyota's new-vehicle sales rose 12 percent.
Houston-based Group 1's revenue from new vehicles rose 16 percent to $912.6 million, while sales of its smaller used-vehicle retail segment jumped 28 percent.
January-March net income rose to $23.1 million, or 97 cents per share, from $15.4 million, or 64 cents per share, a year ago. Revenue rose 18 percent to $1.66 billion.
Analysts had expected a profit of 88 cents on revenue of $1.59 billion, according to Thomson Reuters.
Group 1 shares dipped 1 percent to $57.64 in trading on Thursday.
Group 1 ranks No. 4 on the Automotive News list of the top 125 U.S. dealership groups with new vehicle sales of 102,022 in 2011.
Asbury's report
Meanwhile, Asbury Automotive reported higher income from continuing operations as it posted gains from both new and used vehicle sales.
The company, in a report today, said it posted income from continuing operations for the first quarter of $18.0 million, or 57 cents per diluted share, versus adjusted income from continuing operations in the first quarter 2011 of $11.4 million, or 34 cents per diluted share.
January-March net income fell to $17.6 million, or 56 cents per share, from $19.9 million, or 59 cents, a year ago.
Excluding items, Asbury earned 57 cents per share. Revenue rose 7 percent to $1.1 billion. Analysts had expected a profit of 49 cents per share on revenue of $1.13 billion, according to Thomson Reuters.
New vehicle sales rose 5 percent to $589.7 million, while revenue from its smaller used-vehicle segment jumped 10 percent.
Asbury shares rose 2 percent to $27.72 in Thursday trading.
Asbury, based in suburban Atlanta, ranks No. 7 on the Automotive News list of the top 125 U.S. dealership groups with new vehicle sales of 68,770 in 2011.
