Group 1 Automotive Inc · Q2 2021 earnings

Briefing

Reported record results driven by service rebound, UK market recovery, and strong cost control.

Group 1 Automotive reported record second quarter 2021 financial results with net income per diluted share reaching an all-time quarterly record of $10.35, a 533.9 percent increase from the same period last year. Total revenues increased by 73.6 percent to $3.7 billion.

• Total revenues increased 73.6 percent, to $3.7 billion.
• Total gross profit increased 84.3 percent, to $661.3 million.
• New vehicle revenues increased 74.6 percent, as units sold increased 62.0 percent. New vehicle gross profit per retail unit (PRU) increased 59.9 percent, to $3,853.
• Used vehicle retail revenues increased 86.5 percent, as units increased 47.4 percent. Used vehicle retail gross profit PRU increased 59.9 percent, to $2,425.

Headline financials

Revenue & EPS history

The Company acquired nine franchises in the U.K., which will contribute approximately $300 million in incremental annual revenues, and which increased the Company’s U.K. portfolio count to 75 franchises. Year-to-date, the Company has acquired 11 franchises, which are expected to generate $420 million in incremental annual revenues, and disposed of four franchises, which generated approximately $70 million in trailing-twelve-month revenues.