Group 1 Reports Record Revenue

By Staff Writer August 05, 2022

Group 1 Automotive, an international automotive retailer with 204 dealerships in the U.S. and U.K., recently reported record quarterly financial results for the second quarter 2022.

Current quarter total revenues of $4.1 billion, gross profit of $768.4 million and diluted earnings per common share from continuing operations of $12.11 were the highest in company history. Current quarter diluted earnings per common share from continuing operations of $12.11, represents an 18.3% increase over prior year quarter diluted earnings per common share from continuing operations of $10.23.

“Our record second quarter results were driven by record U.S. revenues and gross profits. Our strength was demonstrated across the breadth of our U.S. business as evidenced by a 34.0% growth in parts and service and a 20.3% increase in finance and insurance. A major contributing factor to our performance was the extreme speed at which we were able to integrate a large number of new acquisitions over the past 18 months which will provide more than $3.0 billion in expected annual additional revenues in the year ahead,” said Earl Hesterberg, Group 1’s president and chief executive officer. 

 “New vehicle supply continues to be constrained, with no discernible change in the flow of new vehicle deliveries to our dealerships as compared to the most recent quarters. In the U.S., we continue to see the majority of new vehicles either presold or sold shortly after delivery. In the U.K., we continue to maintain a forward order book for new vehicles, which extends into 2023.”

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Last modified on Friday, 05 August 2022 12:18