Group 1 Automotive, an international, Fortune 300 retailer with 199 dealerships in the U.S. and U.K., reported record quarterly new vehicle revenues in its financial results for the fourth quarter of 2023 and full year 2023.

Current quarter net income from continuing operations was $108.8 million. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $131.2 million. Current quarter diluted earnings per common share from continuing operations was $7.87. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $9.50. Current quarter new vehicle revenues were a record of $2.3 billion and parts and service continued to produce year-over-year growth.

Current year total revenues of $17.9 billion were the highest in company history, with growth across all lines of business. Current year total gross profit exceeded $3.0 billion, an all-time record driven by gross profit of $1.2 billion by our parts and service business. In addition, the company delivered record new and used vehicle units sold for the current year.

“Our U.S. team produced another strong quarter and full year results said Daryl Kenningham, Group 1’s president and chief executive officer. “We continue to execute well in this evolving U.S. market. We experienced challenges in our U.K. operations during the current quarter with used vehicles and recognize we have some work ahead of us to bring our costs back in-line with recent trends.”