Welcome to our dedicated page for Group 1 Automotive news (Ticker: GPI), a resource for investors and traders seeking the latest updates and insights on Group 1 Automotive stock.
Group 1 Automotive, Inc. (NYSE: GPI) is a leading automotive retailer that operates 203 dealerships, 265 franchises, and 43 collision centers in the United States and the United Kingdom. The company offers a wide range of automobile brands, including premium luxury and mainstream vehicles, and is headquartered in Houston, Texas. Since its foundation in 1995, the company has grown significantly, particularly through strategic acquisitions and efficient integration of new dealerships.
In 2023, Group 1 reported record revenues of $17.9 billion, driven by strong performance across all lines of business. Notably, Texas alone contributed 38% of the new-vehicle unit volume. The company's U.K. operations also performed well, generating $3.1 billion in revenue. In a significant development, Group 1 plans to close the acquisition of Inchcape UK's retail business in the third quarter of 2024, adding approximately $3 billion in revenue and increasing the company's total store count to over 250.
Group 1's operations encompass new and used car sales, vehicle financing, service contracts, automotive maintenance, repair services, and parts sales. The company has recently completed numerous acquisitions, including high-performing dealerships in Maryland, California, and the greater Washington, DC area, expected to generate hundreds of millions in annual revenues.
Despite challenges such as declining margins in new vehicle sales and increased SG&A expenses, the company continues to execute its growth strategy effectively. In the first quarter of 2024, Group 1 reported revenues of $4.5 billion and net income from continuing operations of $147.4 million. The company also announced a $500 million upsize in its revolving syndicated credit facility to $2.5 billion, ensuring ample liquidity for future growth.
Group 1 is proactive in shareholder returns, having repurchased significant shares and increased its annual dividend rate. The company maintains robust relationships with major automobile manufacturers and financial institutions, which support its expansive financing capabilities and acquisition strategies.
Group 1 Automotive, Inc. (NYSE: GPI) reported record first quarter 2022 results with net income of $202.9 million, a 99.3% increase year-over-year, and diluted earnings per share of $11.78, up 115.3%. Total revenues reached $3.8 billion, a 30.1% increase from the prior year. Key growth drivers included a strong demand in both the U.S. and U.K. markets, with service growth of 18.6% and improved operational performance. Two recent acquisitions are projected to provide a combined $550 million in annualized revenues.
Group 1 Automotive, Inc. (NYSE: GPI) announced its upcoming financial results for Q1 2022, scheduled for release on April 27, 2022, before market open. The company's president and CEO, Earl J. Hesterberg, will host a conference call at 10:00 a.m. ET to discuss the results. Group 1 operates 202 dealerships across the U.S. and U.K., representing 34 automobile brands. The results will provide insights into the company's financial health and operational performance, which are crucial for investors.
Group 1 Automotive (NYSE: GPI) will present at the Bank of America 2022 Auto Summit on April 13, 2022, at 9:45 a.m. ET in New York City. The event will be available for live streaming on the company's website. Group 1 operates 202 dealerships across the U.S. and U.K., offering 34 automotive brands. Its services include new and used vehicle sales, financing, maintenance, and parts. Company presentations and more information can be found on their event page.
Group 1 Automotive (NYSE: GPI) announced the acquisition of Larry H. Miller Toyota in Albuquerque, New Mexico, expanding its franchise portfolio. The dealership, renamed Sandia Toyota, is projected to generate $115 million annually, boosting total year-to-date acquired revenues to $550 million. This acquisition signifies the 17th Toyota store in Group 1's U.S. operations. Additionally, the company has repurchased 638,696 shares for $115.2 million, representing nearly 4% of its outstanding share count.
Group 1 Automotive (GPI) has secured a $2.0 billion five-year revolving credit facility, expiring in March 2027, with the potential to increase total availability to $2.4 billion. This facility allocates $1.651 billion for inventory financing and $349 million for working capital and acquisitions. Interest rates are tied to SOFR, plus spreads. The move enhances Group 1's balance sheet stability and supports vehicle financing and growth initiatives, reflecting strong lender relations. The facility includes contributions from major finance companies and banks.
On March 7, 2022, Group 1 Automotive (GPI) announced the acquisition of Charles Maund Toyota in Austin, Texas, which will be rebranded as Toyota of North Austin. This dealership is a top 20 national performer in Toyota new vehicle sales and is projected to add $435 million in annual revenue. The acquisition strengthens Group 1's presence in the growing Central Texas market, particularly as Austin's metro area has seen a population increase exceeding 30% from 2010 to 2020.
Group 1 Automotive (GPI) announced a $144.2 million increase in its common stock share repurchase authorization, bringing the total to $200.0 million. In February 2022, the company repurchased 107,320 shares at an average price of $172.00 per share. Additionally, it declared a quarterly cash dividend of $0.36 per share, representing a 2.9% increase. The company also disclosed the sale of two dealerships, which collectively generated about $125 million in annual revenue.
Group 1 Automotive (GPI) announced a record-breaking fourth quarter and full-year 2021, with total revenues reaching $3.5 billion for Q4, a 19.4% increase year-over-year. Net income for Q4 stood at $87.1 million, with diluted EPS at $4.84, marking a 69.0% increase from the prior year. Full-year results showcased total revenues of $13.5 billion and net income of $625.4 million, both significantly up from 2020. The company also announced a pending sale of its Brazilian operations and substantial acquisitions expected to increase annual revenues by $2.5 billion.
Group 1 Automotive, (NYSE: GPI), will announce its financial results for the fourth quarter and full year ending December 31, 2021, on Thursday, February 10, 2022, before market open. The company's CEO, Earl J. Hesterberg, will lead a conference call at 10 a.m. ET to discuss these results. Investors can access the call via the company's website and a telephonic replay will be available until February 17, 2022.
Group 1 Automotive (NYSE: GPI) will present at the Stephens Annual Investment Conference 2021 on December 2, 2021, at 2:00 p.m. E.T. in Nashville, Tennessee. The presentation will highlight the company's performance and strategy as an international automotive retailer with 218 dealerships across the U.S., U.K., and Brazil. A softcopy of the presentation will be available in the Investor Relations section of their website post-event.
FAQ
What is the current stock price of Group 1 Automotive (GPI)?
What is the market cap of Group 1 Automotive (GPI)?
What does Group 1 Automotive, Inc. do?
Where is Group 1 Automotive, Inc. headquartered?
How many dealerships does Group 1 Automotive, Inc. operate?
What was Group 1 Automotive, Inc.'s revenue in 2023?
What brands does Group 1 Automotive, Inc. offer?
What are some recent acquisitions by Group 1 Automotive, Inc.?
What is the significance of the Inchcape UK acquisition?
How is Group 1 Automotive, Inc. performing in the UK market?
What financial strategies does Group 1 Automotive, Inc. employ?
Where can I find more information about Group 1 Automotive, Inc.?
