
Group 1 Automotive, with 259 dealerships located in the U.S. and U.K., reported financial results for the fourth quarter of 2024 (current quarter) and full year 2024 (current year).
Net income from continuing operations for the current quarter was $94.6 million, a 13.1% decrease compared to $108.8 million for the prior year quarter.
Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $133.9 million, a 2.1% increase compared to $131.2 million for the prior year quarter.
“Our U.S. team continues to execute at a high level,” said Daryl Kenningham, Group 1’s president and chief executive officer. “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. Also, we are realizing the benefits of some exceptional acquisitions and prudent divestitures. Over the last year, because of our excellent relationships with our OEM partners, we’ve added great brands like Lexus, Honda, Mercedes-Benz, and Toyota in some great U.S. markets.”
Total revenues for the current quarter were $5.5 billion, a 23.8% increase compared to $4.5 billion for the fourth quarter of 2023 (prior year quarter).