Group 1 Automotive Inc. reported higher net income and record revenue in the third quarter as it saw strong growth in revenue from retail vehicle sales and its parts and service business.
Houston-based Group 1 on Wednesday said net income rose 14 percent to $195.7 million in the quarter ended Sept. 30. Net income from continuing operations rose 14 percent to $197.1 million in the third quarter. The latter figure includes Group 1's U.S. and U.K. operations but not its Brazilian unit, which has been classified as discontinued operations. The company closed on the sale of its Brazil dealerships in early July.
Group 1 said third-quarter revenue increased 22 percent to $4.16 billion, a record.
"Our team delivered another record quarter featuring substantial revenue and profit growth," Group 1 CEO Earl Hesterberg said in a statement. "Our consolidated vehicle and aftersales revenue growth for the quarter was well over 20 percent and our consolidated aftersales gross profit growth exceeded 25 percent."