Quarter Highlights Used-vehicle retail sales rose 0.2% from the year-ago period to $1.45 billion but missed our forecast of $1.47 billion. Total retail used vehicles sold were 49,260 units, up 5.3% year over year, exceeding our expectation of 47,621 units. The average selling price per unit came in at $29,501, down 4.9% year over year. The gross profit from the unit was $80.7 million, rising 2.4% year over year. Segments in Detail In the second quarter, revenues rose 2.1% year over year to $775.2 million fo ...

Offering Memorandum Excerpts We currently expect to fund the Inchcape Acquisition with a combination of borrowings under the Acquisition Line of our Revolving Credit Facility and cash on hand. • represented 7% of our operating income; and • represented 19% of our total assets; and *** EBITDA from continuing operations, adjusted EBITDA from continuing operations, adjusted free cash flow, adjusted net cash flows provided by operating activities, adjusted net cash flows used in investing activities, adjusted n ...

Financial Performance - Total revenues for Q2 2024 reached $4,696.4 million, a 3.0% increase from $4,558.5 million in Q2 2023[128]. - Net income for Q2 2024 was $138.2 million, down 18.9% from $170.5 million in Q2 2023[131]. - Basic earnings per share from continuing operations decreased to $10.20, compared to $12.06 in the same quarter last year[128]. - Gross profit for the six months ended June 30, 2024, was $1,509.1 million, slightly up from $1,503.4 million in 2023[128]. - Total revenues for the six months ended June 30, 2024, were $4,696.4 million, down from $9,166.9 million in the same period of 2023, reflecting a decline of 48.7%[167]. - Net income for the six months ended June 30, 2024, was $286.1 million, a decrease of 13.0% from $329.0 million in the same period of 2023[157]. - Total gross profit decreased by 3.2% to $1,398.7 million from $1,444.4 million[226]. - Total revenues grew by 3.0% year-over-year, with a constant currency change of 2.9%[236]. Assets and Liabilities - Total assets increased to $8,850.3 million as of June 30, 2024, up from $7,774.1 million at December 31, 2023, representing a growth of 13.8%[127]. - Total liabilities reached $5,984.0 million, up from $4,799.5 million, indicating a growth of 24.8%[127]. - Long-term debt increased to $2,279.3 million from $1,989.4 million, which is a rise of 14.6%[127]. - Current liabilities increased to $3,097.7 million from $2,505.7 million, reflecting a rise of 23.6%[127]. - As of June 30, 2024, total debt increased to $2,460.6 million from $2,107.5 million as of December 31, 2023, representing a 16.7% increase[182]. Cash Flow and Investments - Net cash provided by operating activities decreased to $129.8 million for the six months ended June 30, 2024, compared to $239.0 million in 2023, a decline of 45.9%[157]. - The company reported a net cash used in investing activities of $669.0 million for the six months ended June 30, 2024, compared to $369.1 million in 2023, an increase of 81.2%[157]. - The company reported a net cash provided by financing activities of $546.4 million for the six months ended June 30, 2024, compared to $103.0 million in 2023, an increase of 429.3%[157]. Stock and Shareholder Information - During the Current Year, 352,920 shares were repurchased at an average price of $282.81 per share, totaling $99.8 million[95]. - As of June 30, 2024, $204.6 million remained available under the current stock repurchase authorization[95]. - The company declared dividends of $0.47 per share, totaling $6.4 million[143]. - The balance of common stock shares decreased from 25,131,460 to 25,092,785 from December 31, 2023, to June 30, 2024[143]. Operational Highlights - The company activated cyber incident response procedures in response to a cybersecurity incident experienced by CDK, ensuring no breach of PII occurred[111]. - The company does not expect the recent CDK Global cybersecurity incident to materially impact its overall financial condition or ongoing results of operations[207]. - The Company operates 147 dealerships in the U.S. and 55 dealerships in the U.K. as of June 30, 2024[216]. Sales Performance - New vehicle retail sales amounted to $2,364.2 million, up 5.4% from $2,243.2 million year-over-year[128]. - Used vehicle retail sales were $1,453.2 million, a marginal increase from $1,450.6 million year-over-year[128]. - Retail new vehicles sold increased by 2.9% to 83,632 units, compared to 81,241 units in 2023[226]. - New vehicle retail sales increased to $4,134.9 million in 2024, up 2.3% from $4,042.8 million in 2023[226]. Cost and Expenses - Total cost of sales for Q2 2024 was $3,929.8 million, an increase of 3.9% from $3,783.0 million in Q2 2023[128]. - SG&A expenses rose to $956.8 million, a 5.1% increase from $910.8 million[226]. - Floorplan interest expense increased significantly by 58.0% to $24.7 million in 2024 from $15.6 million in 2023[236]. Compliance and Legal Matters - The company does not anticipate any material liquidity constraints or issues with compliance with debt covenants[93]. - The company has no ongoing legal proceedings that are expected to materially affect its financial condition[84]. - The company’s management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2024[82].

For the quarter ended June 2024, Group 1 Automotive (GPI) reported revenue of $4.7 billion, up 3% over the same period last year. EPS came in at $9.80, compared to $11.73 in the year-ago quarter. The reported revenue represents a surprise of -1.50% over the Zacks Consensus Estimate of $4.77 billion. With the consensus EPS estimate being $9.43, the EPS surprise was +3.92%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street e ...

Group 1 Automotive (GPI) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on July 24, 2024, might help the stock move higher if these key numbers are better than ...

Group 1's Chief Executive Officer Daryl Kenningham stated, "We are delighted to expand our relationship with Mercedes-Benz while growing our operations in the U.K. This brand is outstanding and our ability to add these dealerships to our portfolio is a very positive growth action and presents an opportunity to further drive profitable growth for our shareholders." ABOUT GROUP 1 AUTOMOTIVE, INC. FORWARD-LOOKING STATEMENTS Investor contacts: Terry Bratton Manager, Investor Relations Group 1 Automotive, Inc. [ ...

Cybersecurity Incident Impact - The cybersecurity incident experienced by CDK Global LLC has disrupted Group 1 Automotive's business applications and processes in its U.S. operations that rely on CDK's dealers' systems [5] - Group 1 immediately activated its cyber incident response procedures and took measures to protect and isolate its systems from CDK's platform [1] - All Group 1 U.S. dealerships continue to conduct business using alternative processes until CDK's systems are restored [1] - Group 1's U.K. dealerships are not impacted by the CDK service outage as they do not use CDK's systems [1] Company Overview - Group 1 Automotive, Inc. is a Fortune 300 automotive retailer with 202 dealerships located in the U.S. and U.K. [5] - The company owns and operates 202 automotive dealerships, 264 franchises, and 42 collision centers offering 35 brands of automobiles [9] - Through its dealerships and omni-channel platform, Group 1 sells new and used cars and light trucks, arranges vehicle financing, sells service and insurance contracts, provides maintenance and repair services, and sells vehicle parts [9] Response and Monitoring - Group 1's associates are focused on delivering the best possible customer experience during the outage [6] - The company is closely monitoring the situation and will take additional action if necessary [8] - CDK has advised that the restoration of the dealer management system will require several days, not weeks, but the timing for other impacted applications remains unclear [8] Additional Information - Group 1 discloses additional information about the company, its business, and its results of operations on its websites and social media platforms [7]

Group 1 reported first-quarter 2024 adjusted earnings per share (EPS) of $9.49, missing the Zacks Consensus Estimate of $9.52 and falling 13.2% year over year. The automotive retailer registered net sales of $4.5 billion, beating the Zacks Consensus Estimate of $4.3 billion. Also, the top line rose from the year-ago quarter's $4.13 billion. Quarter Highlights New vehicle retail sales increased 11.6% from the prior-year quarter to $2.18 billion and exceeded our projection of $1.98 billion on the back of high ...

HOUSTON, May 9, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 300 automotive retailer with 203 dealerships located in the U.S. and U.K., today announced its board of directors approved a new share repurchase authorization of $250 million, and also declared a quarterly dividend.  Share Repurchase Authorization IncreaseThe Company announced that its board of directors increased the Company's common share repurchase authorization by $161 million to $250 mill ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth po ...