GPI - Group 1 Automotive raises buyback authorization dividend

Group 1 Automotive ( NYSE: GPI ) bolstered its shareholder return programs on Wednesday.

The company increased its repurchase authorization by $161M to $200M and raised its dividend by one cent.

"Our strong cash flow and robust balance sheet continues to enable the Company to have significant flexibility in our capital deployment,” CEO Earl J. Hesterberg commented. “Since the beginning of the third quarter of 2021 we have added $3.1B in acquired revenues and repurchased approximately 21% of the Company's outstanding share count. Our top capital allocation priorities continue to be growing our U.S. and U.K. businesses while also returning capital to our shareholders.”

The move comes shortly after Hesterberg highlighted the company's "flexible capital allocation approach" during a call with analysts.

Read more on the auto dealer’s recent earnings result .

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