Group 1 Automotive, Inc. (GPI) Tops Q1 EPS by 15c

Group 1 Automotive, Inc. (NYSE: GPI) reported Q1 EPS of $1.19, $0.15 better than the analyst estimate of $1.04. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.08 billion.

• New vehicle revenues increased 14.3 percent. New vehicle gross profit increased 6.8 percent to $66.9 million as lower margins, down $121 per unit, partially offset the revenue growth. Same Store new vehicle unit sales grew 3.5 percent.
• U.K. Same Store revenue increased 29.7 percent driven by 17.8 percent growth in new vehicle unit sales.
• Retail used vehicle revenues increased 16.7 percent. Gross profit improved 6.3 percent to $42.8 million as lower margins, down $141 per unit, partially offset the revenue growth. Same Store used vehicle unit sales grew 5.0 percent.
• Parts and service gross profit increased 13.3 percent on revenue growth of 13.4 percent. Same Store parts and service gross profit increased 6.7 percent on revenue growth of 6.3 percent.
• Finance and Insurance (F&I) gross profit increased 19.3 percent. Same Store F&I gross profit per retail unit increased 10.8 percent to $1,391 per unit.
• SG&A expenses as a percent of gross profit increased 80 basis points over adjusted 2013 results to 76.2 percent, primarily explained by a shift in business towards our foreign operations. On a Same Store basis, SG&A expenses as a percent of gross profit increased 10 basis points over adjusted 2013 results to 74.9 percent, primarily explained by the impact of the severe weather in the United States.

For earnings history and earnings-related data on Group 1 Automotive, Inc. (GPI) click here.

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