Reports Q1 revenue $1.03B, consensus $982M. The Company incurred net interest expense of $13.1M for the first quarter of 2023, compared to $10.7M for the first quarter of 2022. The Company recorded interest expense of $1.5M in the first quarter of 2023 and $3.4M in the first quarter of 2022 to adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG. The increase in net interest expense relates primarily to increased debt at the automotive dealerships and higher interest rates on the Company’s variable debt. At March 31, 2023, the Company had $691.1 million in borrowings outstanding at an average interest rate of 5.9%, and cash, marketable equity securities and other investments of $771.1 million. At March 31, 2023, the Company had $168.8 million outstanding on its $300 million revolving credit facility.
Published first on TheFly
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