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What: Shares of auto dealer Group 1 Automotive
So what: It's earnings season, so it's a pretty safe bet that most soaring stocks are doing so because of positive earnings news. This was definitely the case for Group 1, as earnings per share of $1.06 absolutely crushed the $0.81 that analysts were looking for. Total revenue of $1.5 billion crept up 3.9% and was just shy of Wall Street expectations. The smashing profit performance was driven in part by higher profitability on new cars as new vehicle gross profit rose 20%. Gross profit per new car rose $455 to $2,252.
Now what: The quarter's results were hampered a bit by supply shortages of Japanese cars following the disaster in Japan. Looking ahead, that will likely right itself. Meanwhile, the company continued working to expand the business by acquiring BMW, MINI, Ford
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