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Group 1 Q4 Earnings Surpass Expectations, Sales Rise Y/Y
Zacks
Group 1 Automotive GPI reported fourth-quarter 2024 adjusted earnings per share (EPS) of $10.02, which beat the Zacks Consensus Estimate of $9.21 and rose 5.5% year over year. The automotive retailer registered net sales of $5.55 billion, beating the Zacks Consensus Estimate of $5.20 billion. The top line also rose from the year-ago quarter’s $4.48 billion.
See the Zacks Earnings Calendar to stay ahead of market-making news.
Group 1 Automotive, Inc. Price, Consensus and EPS Surprise
Group 1 Automotive, Inc. price-consensus-eps-surprise-chart | Group 1 Automotive, Inc. Quote
Quarter Highlights
New vehicle retail sales increased 23.7% from the prior-year quarter to $2.86 billion, which exceeded our projection of $2.74 billion on the back of higher-than-expected volumes. Total retail new vehicles sold were 57,939 units, which increased 26.4% year over year and surpassed our forecast of 52,511 units. Average selling price per unit was $51,106, up 0.7% year over year. The gross profit from the new vehicle retail unit totaled $205.1 million, up 11.2% year over year.
Used-vehicle retail sales rose 23.9% from the year-ago period to $1.65 billion and surpassed our forecast of $1.49 billion. Total retail used vehicles sold were 55,337 units, up 23.9% year over year, exceeding our expectation of 49,932 units. The average selling price per unit came in at $29,879, which remained flat year over year. The gross profit from the unit was $79.3 million, up 23.8% year over year.
Used-vehicle wholesale sales rose 26% year over year to $128.9 million and outpaced our expectation of $112.3 million. The unit incurred a gross loss of $1.7 million against a gross loss of $4.3 million in the year-ago period. In the Parts and Service business, the top line rose 24.8% from the year-ago quarter to $680.2 million and gross profit increased 23.9% year over year to $370.9 million. Revenues from the Finance and Insurance business came in at $225.5 million, up 20.5% from the year-ago period’s level.
Segments in Detail
In the reported quarter, revenues from the U.S. business segment rose 12.3% year over year to $4.23 billion but missed our forecast of $4.29 billion. The segment’s gross profit rose 8.7% to $695.9 million but fell short of our prediction of $728.3 million. During the reported quarter, retail new-vehicle, retail used-vehicle and wholesale used-vehicle units sold were 43,348, 37,699 and 9,594, respectively.
In the fourth quarter, revenues jumped 85.3% year over year to $1.31 billion for the U.K. business segment, beating our estimate of $867.7 million due to robust sales of retail new and used vehicles. Gross profit was $183.3 million, which surged 102.6% from the year-ago quarter and beat our projection of $108.6 million. During the reported quarter, the retail new-vehicle, retail used-vehicle and wholesale used-vehicle units sold were 14,591, 17,638 and 5,139, respectively.
Financial Position
Selling, general and administrative expenses were up 26% year over year to $614.3 million. Group 1 had cash and cash equivalents of $34.4 million as of Dec. 31, 2024, down from $57.2 million as of 2023-end. Total debt was $2.91 billion as of Dec. 31, 2024, up from $2.1 billion as of Dec. 31, 2023.
During the quarter under discussion, GPI repurchased 80,300 shares at an average price of $398.30 per common share for a total of $32 million. The company currently has $476.1 million remaining on its authorized stock buyback program.
Zacks Rank & Key Picks
GPI carries a Zacks Rank #3 (Hold) at present.
Some better-ranked stocks in the auto space are Geely Automobile Holdings Limited GELYY, Yamaha Motor Co., Ltd. YMHAY and Allison Transmission Holdings, Inc. ALSN, While GELYY sports a Zacks Rank #1 (Strong Buy), YMHAY and ALSN carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s fiscal 2025 sales and earnings suggests year-over-year growth of 66.62% and 149.31%, respectively. EPS estimates for fiscal 2025 and 2026 have improved by 15 cents and 38 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for YMHAY’s 2025 sales and earnings suggests year-over-year growth of 8.69%and 19.07%, respectively. EPS estimates for 2025 have improved by a penny in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2025 sales and earnings suggests year-over-year growth of 6.67% and 11.40%, respectively. EPS estimates for 2025 have improved 3 cents in the past 30 days.
Zacks Investment Research
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