1. Group 1 Automotive's Q4 revenue rose 23.8% to $5.5B. 2. New vehicle unit sales increased 26.4% year-over-year. 3. Parts and service revenue grew by 12.2%, reflecting increased demand. 4. Integration of the Inchcape acquisition aims to enhance UK market presence. 5. Restructuring actions incurred $16.7 million in charges, affecting margins.
Strong revenue growth suggests operational strength, likely boosting investor confidence.
Positive revenue and unit sales growth highlights strong market performance, impacting stock valuation.
Immediate financial results can attract investor attention but may stabilize later.
-- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 250 automotive retailer with 259 dealerships located in the U.S. and U.K., today reported financial results for the fourth quarter of 2024 ("current quarter") and full year 2024 ("current year").
"Our U.S. team continues to execute at a high level. Our parts and service revenue growth of 12.2% was the best quarter in the last four quarters. SG&A leverage was outstanding, and our new vehicle PRUs were up sequentially on a U.S. as reported basis...
"Our U.K. team is better positioned today than at any time in our history, with exceptional brand partners and a portfolio of dealerships that provide us geographic diversification across a broader U.K. market," said Daryl Kenningham. "Our ongoing restructuring actions to integrate Inchcape Retail stores which began in the fourth quarter of 2024 will ultimately position us to capture the full value of this acquisition."
Fourth Quarter 2024
| Reported: | 4Q24 | Change |
|---|---|---|
| Total revenues | $5.5B | +23.8% |
| Total gross profit ("GP") | $879.2M | +20.3% |
Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables.
The previously announced consummation of the Inchcape Retail acquisition in the third quarter of 2024, added 54 dealerships in key hubs such as the Midlands, the Northwest of England, and Wales...
In October 2024, the Company acquired a BMW/MINI dealership located in the U.K. This acquisition is expected to generate approximately $125.0 million in annual revenues...
As of December 31, 2024, the Company had an aggregate 13.3 million outstanding common shares...
Terry Bratton
Manager, Investor Relations Group 1 Automotive, Inc.
[email protected]
Pete DeLongchamps
Senior Vice President, Financial Services and Manufacturer Relations
[email protected]
Group 1 owns and operates 259 automotive dealerships, 331 franchises, and 39 collision centers...
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995...