The following is a summary of the Group 1 Automotive, Inc. (GPI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Group 1 Automotive reported Q1 2024 net income of $130 million and an EPS of $9.49.
Achieved a total revenue of $4.5 billion, with parts and service revenue reaching an all-time high of $576.2 million.
New vehicle unit sales in the U.S. were up 8% on a same-store basis and 14% on a reported basis.
A slight decrease in finance and insurance (F&I) gross profit per unit was seen due to changes in customer demand and lender requirements.
The company repurchased approximately 203,000 shares at an average price of $264.41, reducing their share count by 1.5% over the quarter.
Business Progress:
Acquisition of Inchcape Retail will expand Group 1 Automotive's market reach and scale.
There is a continued focus on investing in after-sales to differentiate the business.
The company has balanced acquisitions and disposals with share repurchases.
The company mentioned the implementation of standardized practices and resource allocation to sustain growth.
Cost-saving measures were implemented in its U.K business throughout Q1 2024, with complete benefit expected in Q2.
The company plans to continue with new acquisition stores, emphasizing its growth strategy through expansions.
Sales of full-size pickup trucks were up year-over-year with a significant increase in Toyota sales indicating a favorable demand profile.
More details: Group 1 Automotive IR
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