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Mittwoch, 26.04.2023 06:27 von PR Newswire | Aufrufe: 44

Group 1 Automotive Announces Record First Quarter 2023 Financial Results

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PR Newswire

HOUSTON, April 26, 2023

Record first quarter total revenues, new vehicle revenues and units sold, increased 7.4%, 12.1% and 7.9%, respectively, over the comparable prior year period
All-time record quarterly parts and service revenues and gross profit, increased 16.0% and 14.4%, respectively, over the comparable prior year period
Current quarter diluted earnings per common share from continuing operations of $11.12 and record first quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $10.93

HOUSTON, April 26, 2023 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), an international, Fortune 300 automotive retailer with 203 dealerships located in the U.S. and U.K., today reported record financial results for the first quarter of 2023 ("current quarter"), highlighted by a first quarter record adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) of $10.93 and all-time record quarterly parts and service revenues and gross profit.

The current quarter consolidated parts and service revenues and gross profit of $548.3 million and $297.3 million, respectively, were the highest in Company history. Record first quarter new vehicle revenues of $2.0 billion outperformed the prior year period, providing double digit growth. Retail used vehicle units sold was also a first quarter record, reflecting our efforts to use our existing franchise dealership network to expand our used vehicle market share.

"Group 1 achieved another strong quarter. Our teams delivered record aftersales performances in both the U.S. and U.K., as a result of ongoing investment in aftersales in areas such as technician recruitment, innovation, and technology. Our customers continue to respond by trusting us with their business," said Daryl Kenningham, Group 1's President and Chief Executive Officer. "Record first quarter new vehicle revenues are a result to some degree of elevated prices from ongoing inventory shortages. Some manufacturers are maintaining production discipline into the future. Our days' supply continues well below historical averages and is single digits in some of our critical brands. We also saw outstanding success with AcceleRide® in the quarter, setting another sales record where our customers engaged on a deeper level than ever before."

Reconciliations for financial results, non-GAAP metrics, and diluted earnings per common share between continuing and discontinued operations are included in the accompanying financial tables.

Current Quarter Results Overview

Total revenues for the current quarter were $4.1 billion, a 7.4% increase compared to $3.8 billion for the first quarter of 2022 ("prior year quarter").

Net income from continuing operations for the current quarter was $158.8 million, a 21.1% decrease compared to $201.1 million for the prior year quarter. Current quarter adjusted net income from continuing operations (a non-GAAP measure) was $156.1 million, a 15.4% decrease compared to $184.6 million in the prior year quarter.

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Current quarter diluted earnings per common share from continuing operations was $11.12, a 5.6% decrease compared to $11.78 for the prior year quarter. Current quarter adjusted diluted earnings per common share from continuing operations (a non-GAAP measure) was $10.93, a 1.1% increase over the prior year quarter of $10.81. Current quarter and prior year quarter adjusted diluted earnings per common share from continuing operations exclude adjusted diluted earnings per common share from discontinued operations of $(0.02) and $0.11, respectively.

First Quarter 2023 Key Performance Metrics (year-over-year comparable period basis)	Consolidated		Same Store (a non-GAAP measure)
Reported:	1Q23	Change	1Q23	Change
Total revenues	$4.1B	+7.4 %	$3.9B	+3.9 %
Total gross profit ("GP")	$727.9M	+0.4 %	$689.9M	(2.5) %
NV units sold	39,649	+7.9 %	37,679	+5.4 %
NV GP per retail unit ("PRU")	$4,710	(14.0) %	$4,659	(15.2) %
Used vehicle ("UV") retail units sold	45,437	+3.7 %	43,177	+0.8 %
UV retail GP PRU	$1,689	(15.8) %	$1,701	(15.4) %
Parts & service ("P&S") GP	$297.3M	+14.4 %	$282.5M	+11.4 %
P&S Gross Margin ("GM")	54.2 %	(0.7) %	54.1 %	(0.7) %
Finance and Insurance ("F&I") revenues	$165.1M	(4.6) %	$156.3M	(7.4) %
F&I GP PRU	$1,940	(9.7) %	$1,933	(10.1) %
Selling, General and Administrative ("SG&A") expenses as a % of GP	63.6 %	+584 bps	63.7 %	+328 bps
Adjusted SG&A expenses (a non-GAAP measure) as a % of GP	63.7 %	+300 bps	63.6 %	+312 bps

Corporate Development

In March 2023, the Company acquired a Chevrolet dealership that is the 5^th ranked Chevrolet dealership in new vehicle volume in Florida. This acquisition is expected to generate $150.0 million of annual revenues.

In March 2023, the Company disposed of one dealership in New Jersey and terminated one franchise in New Mexico. In April 2023, the Company disposed of one dealership in New York. These dealerships generated approximately $50.0 million in annualized revenues.

From January 1, 2021 to March 31, 2023, the Company actively pursued growth opportunities with the acquisition and integration of dealership operations with total expected annual revenues of $3.6 billion. Over the same period, portfolio optimization activities resulted in opportunistic dispositions of certain dealerships and the Company's Brazilian operations, with annual revenues of $470.0 million and $319.8 million, respectively, based on the most recent annual period prior to disposition.

Share Repurchases

During the current quarter, the Company repurchased 180,982 shares, representing approximately 1.3% of the Company's current year beginning outstanding common shares, at an average price per common share of $191.85, for a total of $34.7 million, excluding excise taxes of $0.2 million. During the eighteen-month period ended March 31, 2023, the Company repurchased 4,180,353 shares, at an average price per common share of $178.91, for a total of $747.9 million, representing approximately 23.1% of the eighteen-month period's beginning outstanding common shares.

As of March 31, 2023, the Company had an aggregate 14.1 million outstanding common shares and unvested restricted stock awards. The Company currently has $128.5 million remaining on its Board authorized common share repurchase program.

Future repurchases may be made from time to time, based on market conditions, legal requirements, and other corporate considerations, in the open market or in privately negotiated transactions, and subject to Board approval and covenant restrictions.

First Quarter 2023 Earnings Conference Call Details

Group 1's senior management will host a conference call today at 10 a.m. ET to discuss the first quarter 2023 financial results. The conference call will be simulcast live on the Internet at group1corp.com/events. A webcast replay will be available for 30 days.

The conference call will also be available live by dialing in 10 minutes prior to the start of the call at:

Domestic:	1-888-317-6003
International:	1-412-317-6061
Passcode:	3269170

A telephonic replay will be available following the call through May 3, 2023, by dialing:

Domestic:

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