Group 1 Automotive, an automotive retailer, has reported total revenue of $1.9bn for the second quarter ended 30 June 2012, an increase of 28.6%, compared to $1.47bn for the same period in 2011.
The company posted net income of $28.62m for the second quarter of 2012, an increase of 16% compared to $24.6m for the same period prior year.
For the second quarter of 2012 gross profit was $285.34m, an increase of 16.8%, compared to $244.21m for the same period last year.
During the quarter, the company had acquired six Audi franchises in the UK and two Volkswagen and one Honda franchise in Florida, US that are expected to generate $361m in annual revenues.
Group 1 president and chief executive officer Earl Hesterberg said that second-quarter performance of the company was driven by same-store revenue growth in its new and used retail segments and another record-setting quarter in finance and insurance.
"Even with the impact of a major hailstorm that severely damaged about 2,200 units at seven of Group 1's Oklahoma dealerships during the quarter, we outpaced the industry unit sales rate and further improved our expense leverage," Hesterberg said.
