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Group 1 Automotive Inc. (GPI) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $19.93 billion for the year, an increase from $17.87 billion in the previous year. This growth was primarily driven by higher new and used vehicle sales and an increase in parts and service sales.
Gross profit for the year was $3.24 billion, compared to $3.02 billion in the prior year. The increase in gross profit was attributed to higher sales volumes across all segments.
Net income for the year was $498.1 million, down from $601.6 million in the previous year. The decrease in net income was primarily due to higher interest expenses and restructuring charges.
The company reported total assets of $9.82 billion as of December 31, 2024, up from $7.77 billion at the end of the previous year. This increase was largely due to acquisitions, including the purchase of Inchcape Retail automotive operations in the U.K.
Group 1 Automotive completed several acquisitions during the year, including nine dealerships in the U.S. and five in the U.K., contributing to the increase in goodwill and intangible franchise rights.
The company’s long-term debt increased to $2.93 billion from $2.11 billion, primarily due to the issuance of $500 million in senior notes and additional real estate-related debt.
Group 1 Automotive’s board authorized a share repurchase program of up to $500 million, with $476.1 million remaining available under the current authorization as of the end of the year.
The company declared dividends totaling $1.88 per share during the year, resulting in $25.5 million paid to shareholders.
Group 1 Automotive continues to focus on growth through acquisitions and enhancing operational efficiency across its U.S. and U.K. operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Group 1 Automotive Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.