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Group 1 Automotive Reports Q2 Earnings Beat

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Group 1 Automotive (NYSE: GPI) reported second-quarter earnings of $2.83 per share, which beat the analyst consensus estimate of $2.76 by 2.54%. This is a 15.51% increase over earnings of $2.45 per share from the same period last year.

The company reported quarterly sales of $3.006 billion, which beat the analyst consensus estimate of $2.92 billion by 2.95%. This is a 2.14% increase over sales of $2.943 billion the same period last year.

"We delivered a strong quarter based on exceptional results in the U.S. despite a soft new vehicle sales market. Record Same Store parts and service revenue growth of more than 10 percent and record F&I per retail unit profitability drove Same Store gross profit growth of 8.5%," said Earl Hesterberg, Group 1 CEO. “In contrast to our strong U.S. performance, we saw significant weakness in our U.K. operations. Weak overall market conditions stemming from BREXIT uncertainty were compounded by a decline in used vehicle market values. We are in the midst of a significant cost reduction effort in the U.K. to respond to these market fluctuations."

Group 1 Automotive shares closed at $87.99. The stock has a 52-week high of $88.26 and a 52-week low of $48.69.

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Posted-In: Earnings News

 

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