Group 1 Automotive reports Q1 EPS $10.80, consensus $9.38

Reports Q1 revenue $4.47B, consensus $4.38B. “We continue to execute well in the U.S., with double digit volume growth in new and used vehicle sales and F&I growth over 16% from the prior year. At the same time, we added incremental scale through our nine dealership acquisitions in the first quarter, with expected combined annual revenues of $1.0 billion,” said Daryl Kenningham, Group 1’s president and CEO. “Our U.K. team rebounded nicely from the challenging fourth quarter of 2023, producing record quarterly revenues from parts and service and new vehicles, as well as increasing used vehicle sales volumes over 19% sequentially. We saw some of the benefits of our U.K. cost reduction efforts in the first quarter of 2024; however, we expect to realize the full benefit of our cost reduction efforts in the second quarter and beyond. We believe the U.K. business is well positioned and look forward to the expansion of our U.K. operations with the pending acquisition of Inchcape’s U.K. retail automotive business planned for Q3 2024.”