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 (NYSE: GPI) reported record second-quarter 2021 results, with net income per diluted share reaching $10.35, a 533.9% increase from Q2 2020. Total revenues surged 73.6% to $3.7 billion, driven by strong vehicle sales despite supply disruptions. Adjusted net income also saw a significant rise to $10.31 per diluted share, reflecting solid growth in both new and used vehicle sales, along with improvements in gross profit. The company continues to expand, acquiring franchises and expecting substantial incremental revenues in the upcoming years.
Group 1 Automotive, Inc. (GPI) announced the upcoming release of its second quarter 2021 earnings results on July 29, 2021, before market open. The company's president, Earl J. Hesterberg, and senior management will discuss the results during a conference call at 10 a.m. ET. The call will be available via live webcast and phone access. A replay will be provided for 30 days following the event. Group 1 operates 188 automotive dealerships and various related services across the US, UK, and Brazil, offering a broad range of automobile brands.
Group 1 Automotive (GPI) announced preliminary earnings estimates for Q2 2021, projecting earnings per share between $10.20 and $10.70. This performance is attributed to strong vehicle margins, recovery in the UK market, and significant cost control measures. U.S. new vehicle inventories ended at approximately 5,400 units, and the company reported a 61% increase in consolidated retail unit sales compared to Q2 2020. Group 1 expects continued improvement, with visibility on inventory levels remaining limited. Full Q2 earnings will be released on July 29, 2021.
Group 1 Automotive (NYSE: GPI) announced its acquisition of nine dealerships in East Anglia, U.K., enhancing its relationship with the Volkswagen Group. The acquisition includes dealerships for major brands such as Audi and Citroen, expected to generate $300M in annual revenue. This expansion increases Group 1's U.K. footprint to 55 locations with 75 franchises across 14 brands. CEO Earl Hesterberg expressed confidence in the growth potential from this acquisition.
Group 1 Automotive, Inc. (NYSE: GPI) announced a quarterly cash dividend of $0.33 per share for Q1 2021, marking a 6.5% increase from the previous quarter. This dividend will be paid on June 15, 2021, to stockholders on record as of June 1, 2021. Group 1 operates 182 automotive dealerships and offers a wide range of automotive services in the U.S., U.K., and Brazil.
Group 1 Automotive (GPI) reported record first quarter 2021 results, achieving a net income of $101.9 million, a 242.3% increase year-over-year. Diluted earnings per share reached $5.52, up 242.5% from $1.61 in Q1 2020. Revenues rose 11.9% to $3.0 billion, driven by over 20% growth in U.S. new and used vehicle sales. Adjusted net income also set records, despite challenges from business interruptions and COVID-19 lockdowns in the UK. The company continues to perform strongly with significant increases in gross profit and reduced SG&A expenses as a percentage of gross profit.
Group 1 Automotive (GPI) announced its financial results for Q1 2021 will be released on April 29, 2021, before market open. The company's CEO, Earl J. Hesterberg, and senior management will discuss these results on a conference call at 10 a.m. ET. The call will be available via the company's website and through a telephonic option. A replay of the call will be accessible until May 6, 2021. Group 1 operates 184 automotive dealerships, 237 franchises, and 49 collision centers across the US, UK, and Brazil, selling various automotive brands.
On March 16, 2021, Group 1 Automotive (NYSE: GPI) announced its acquisition of two Toyota dealerships in Massachusetts, located in Hyannis and Orleans. This strategic move is expected to generate approximately $120 million in annual revenues, increasing the company's total U.S. Toyota dealership count to 15 and total representation in New England to 10 dealerships. Group 1 aims to enhance its market presence and strengthen its partnership with Toyota through this expansion.
Group 1 Automotive, Inc. (NYSE: GPI) has announced the appointment of Steven C. Mizell to its Board of Directors, expanding the board to ten members. Mizell brings extensive human resources experience from his roles at Merck & Co., Monsanto, and Westinghouse. His expertise includes talent acquisition, development, and diversity initiatives. The Company’s Chairman and CEO expressed confidence in Mizell's ability to contribute to Group 1's growth strategy, leveraging his background in transactional businesses and M&A environments.
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