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Investing.com -- Group 1 Automotive (NYSE:GPI), Inc on Wednesday reported fourth quarter 2024 financial results that surpassed analyst expectations for both earnings and revenue.
The Fortune 250 automotive retailer posted adjusted earnings per share of $10.02, beating the analyst consensus estimate of $9.09 by $0.93. Revenue for the quarter came in at $5.5 billion, exceeding the $5.2 billion consensus estimate and representing a 23.8% increase from $4.5 billion in the same quarter last year.
Group 1 achieved record quarterly gross profit of $879.2 million, up 20.3% YoY. The company sold an all-time record 413,364 retail new and used vehicles for the full year 2024, a 13.8% increase over 2023.
"Our U.S. team continues to execute at a high level. Our parts and service revenue growth of 12.2% was the best quarter in the last four quarters," said Daryl Kenningham, Group 1’s President and CEO.
The company’s net income from continuing operations for Q4 was $94.6 million, down 13.1% from $108.8 million in Q4 2023. This decline was primarily due to $33.0 million in impairment charges related to franchise rights intangible assets for four U.S. dealerships.
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