Group 1 Automotive, Inc. has reported its 2020 third quarter preliminary financial results.
It is projecting diluted earnings per common share approximately from $6.25 to $6.65, and adjusted diluted earnings per common share between $6.40 and $6.80, according to PR Newswire.
The automotive retailer considers that new and used vehicle gross margins in the country have more than offset reduced vehicle sales volumes stemming from low inventory levels, leading to an uptick in its year-over-year gross profit.
Group 1’s UK and Brazilian operations have also been substantial in the company’s Q3 improvement as both are significantly recovering from the effect of the COVID-19 situation.
The company is also announcing a new $200 million share repurchase authorization. Purchases may happen depending on market conditions, corporate considerations and other legal requirements.
It is also hopeful in being able to reinstate a quarterly cash dividend following its board meeting in mid-November payable in mid-December.
The above forecasted and unaudited results are based on preliminary data and information and are subject to change following completion of the quarter-end review process and other progress which may occur until financial results are finalized.
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