Group 1 Automotive (NYSE:GPI) posted a stronger than expected Q4 report on Wednesday, highlighting record revenues and profits for the full-year.
For the fourth quarter, the dealership group posted $4.1B in revenue, up 16.6% from the prior year quarter and $200M above the analyst consensus. Earnings per share for the quarter reached $10.86, above the Street consensus of $10.73. Gross profit reached a record level despite a slight deceleration in the metric on a per unit basis.
“I am very proud of our team for their outstanding achievements this year. Together, we delivered record revenues, gross profit, and diluted earnings per common share from continuing operations,” CEO Daryl Kenningham commented. “We added incremental scale by acquiring close to $1B of revenues and continued to return capital to our shareholders through share repurchases, buying back approximately 18% of our outstanding common shares in 2022.”
Elsewhere, the company announced the acquisition of Mercedes-Benz and Sprinter franchises in California. These operations are expected to generate $200M in annual revenues. In total, the company’s acquisitions in 2022 are anticipated to bring in $940M in revenue.
Dig into the details of the results.