April 28, 2015—Group 1 Automotive Inc. reported first quarter 2015 net income of $35.8 million, a 14.4 percent increase, on a year-over-year comparable basis for the period that ended March 31.
Key highlights:
- Total revenue increased 7.6 percent (10.1 percent on a constant exchange basis) to $2.4 billion; total gross profit grew 7.6 percent (9.5 percent) to $363.9 million.
- New vehicle revenues increased 5.0 percent (7.8 percent) on 3.9 percent higher unit sales. New vehicle gross profit increased 4.2 percent (7.7 percent) to $69.7 million.
- Retail used vehicle revenues increased 13.3 percent (15.6 percent) on 11.6 percent higher unit sales. Retail used vehicle gross profit improved 7.8 percent (9.2 percent) to $46.1 million as lower margins, down $54 per unit, partially offset the revenue growth.
- Parts and service gross profit increased 6.4 percent (8.2 percent) on revenue growth of 4.8 percent (6.7 percent). Same Store parts and service gross profit increased 4.4 percent (6.1 percent) on revenue growth of 3.4 percent (5.2 percent).
- Finance and Insurance (F&I) gross profit per unit increased 5.6 percent (6.6 percent) to $1,366 per retail unit.
- Selling, General and Administrative (SG&A) expenses as a percent of gross profit improved 160 basis points to 74.6 percent.
