GPI - Group 1 Automotive rallies after earnings topper

2023-04-26 06:43:49 ET

Group 1 Automotive ( NYSE: GPI ) reported revenue growth of 7.4% in Q1 to $4.1B, driven by record new vehicle revenue of $2.0B, which was up double-digits from a year ago.

New vehicle units sold were up 7.9% to 39,649 and used vehicle units sold rose 3.7% to 45,437. New vehicle gross profit per vehicle fell 14.0% to $4,710, while used vehicle gross profit per vehicle was down 15.8% to $1,689.

Adjusted net income from continuing operations was down 15.4% to $156.1M. Adjusted EPS came in at $10.93 vs. $10.81 a year ago.

CEO update: "Group 1 achieved another strong quarter. Our teams delivered record aftersales performances in both the U.S. and U.K., as a result of ongoing investment in aftersales in areas such as technician recruitment, innovation, and technology."

During the current quarter, GPI repurchased 180,982 shares at an average price per common share of $191.85 for a total of $34.7M, excluding excise taxes of $0.2M. GPI currently has $128.5M remaining on its board authorized common share repurchase program.

Shares of Group 1 Automotive ( GPI ) rose 1.99% in premarket trading.

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