Group 1 Automotive(US:GPI)2020-10-29 15:10Financial Performance - Group 1 Automotive's Q3 2020 revenues were $3040 million, a decrease of 2.5% compared to $3118 million in Q3 2019 [41] - Net income for Q3 2020 was $1264 million, a significant increase of 232.3% compared to $38 million in Q3 2019 [41] - Adjusted net income for Q3 2020 was $129 million, up 129.1% from $563 million in Q3 2019 [41] - Adjusted diluted earnings per share (EPCS) for Q3 2020 was $697, a 130.8% increase from $302 in Q3 2019 [41] - Adjusted free cash flow CAGR 2019 was $237 million [3] Operational Highlights - AcceleRide sales experienced 99% growth in total sales in September 2020 compared to September 2019 [10] - The company owns approximately $13 billion of net real estate, representing 61% of dealership locations, financed through $628 million of mortgage debt as of September 30, 2020 [35] - Parts & Service segment provides consolidated P&S Revenue & +61% 2014-2019 [13] Strategic Initiatives - Group 1 refinanced $850 million of bond debt due in 2022/23 with $726 million of bond/mortgage debt due mostly in 2027/28, resulting in total interest savings of over $15 million annually [21] - The company repurchased approximately 598000 shares in 2020, representing about 3% of its float [38] - The company targets acquisitions that clear return hurdles (10% after-tax discounted cash flow) [39]