Wed, Jul 24, 9:18 PM (45 days ago)
Group 1 Automotive, Inc.'s Q2 2024 financial results show a mixed performance. Revenue increased by 3% YoY to $4.7 billion, driven by higher new vehicle sales and parts and service sales. However, gross profit declined by 1.2% to $766.5 million, mainly due to reduced margins in new vehicle sales. SG&A expenses rose by 3.6%, impacting profitability. Net income fell to $138.2 million, a 19% decrease YoY, with diluted EPS dropping to $10.17 from $12.04. Increased floorplan and other interest expenses contributed to the decline. The company remains liquid with $644.3 million in available resources, despite higher capital expenditures and acquisition costs.