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Group 1 Automotive Assessing Hail Damage To Oklahoma City Dealerships; Sees After-Tax Charges of $0.07-0.10 in Q2

By Insider Scoop
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Courtesy of Benzinga.

Group 1 Automotive, Inc.(NYSE: GPI), a Fortune 500 automotive retailer, today announced it is assessing damage at seven of its eight Oklahoma City, Okla., import and domestic dealerships in the aftermath of a May 29 hail storm.

Preliminary assessments indicate there is damage to some of the facilities and most of the new and used vehicle inventory located at the seven stores. The company is insured with large deductibles and currently estimates it will incur after-tax charges related to the deductibles in the range of $1.8 million to $2.3 million, or approximately $0.07 to $0.10 per common share, in the second quarter.

(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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