Exhibit 99.1


Group 1 Automotive Announces Third Quarter 2019 Financial Results
U.S. Revenue Jumps 10% Driven by 15% Used Vehicle Growth
HOUSTON, October 24, 2019 -
Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported 2019 third quarter net income of $38.0 million, diluted earnings per common share of $2.04, adjusted net income (a non-GAAP measure) of $56.4 million, and adjusted diluted earnings per common share (a non-GAAP measure) of $3.02. The Company’s 2019 third quarter total revenue was an all-time quarterly record of $3.1 billion.
Third quarter 2019 adjusted net income and diluted earnings per share exclude approximately $18.4 million of net after-tax adjustments, or $0.98 per common share, for non-core items. These adjustments consist of catastrophic event costs of approximately $9.0 million after-tax, or $0.48 per common share, non-cash asset impairments of $8.3 million, or $0.44 per common share, and a net loss on real estate and dealership transactions of $1.1 million, or $0.06 per common share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.
“Our achievement of new quarterly records for total revenue and adjusted EPS in a flat U.S. new vehicle sales market, as well as a U.K. market in political turmoil, is a testimony to the strong operating execution of our entire team - especially in the U.S.,” said Earl J. Hesterberg, Group 1’s president and chief executive officer. “Same Store U.S. gross profit growth of 16.6% in total used vehicles and 9.9% in parts and service are both remarkable performances, which drove one of the best quarters in our Company’s history.”
Consolidated Results for Third Quarter 2019 (year-over-year comparable basis)
For ease of comparison, we have included constant currency metrics (a non-GAAP measure) both below (shown in parenthesis) and in the financial tables that follow:
Total revenue increased 7.9 percent (9.1 percent), to an all-time quarterly record of $3.1 billion.
Total gross profit increased 7.0 percent (7.9 percent), to an all-time quarterly record of $465.6 million.
New vehicle revenues increased 7.3 percent (8.4 percent) on a 2.4 percent increase in unit sales. New vehicle gross profit decreased 3.1 percent (1.9 percent), to $75.2 million. U.S. Same Store new unit sales increased 2.9 percent, outperforming the industry, which was about flat.
Retail used vehicle revenues increased 9.8 percent (11.1 percent) on 9.6 percent higher unit sales. Retail used vehicle gross profit increased 8.2 percent (9.2 percent), to $54.2 million. Total used vehicle gross profit was up 9.6 percent (10.5 percent), to $54.6 million. U.S. Same Store retail used vehicle revenue increased 14.1 percent, driven by an 11.9 percent increase in unit sales and retail used gross profit increased 16.4 percent, reflecting the volume growth and a $54 per unit improvement in gross profit, to $1,386 per unit.
Parts and service gross profit increased 8.7 percent (9.6 percent) on revenue growth of 8.2 percent (9.1 percent). U.S. Same Store parts and service revenues and gross profit grew 9.6 percent and 9.9 percent, respectively.
Finance and Insurance (F&I) gross profit per retail unit (PRU) increased 3.9 percent (4.5 percent), to $1,485. U.S. Same Store F&I gross profit PRU grew 3.2 percent, to $1,751.
Selling, General and Administrative (SG&A) expenses as a percent of gross profit increased 320 basis points, to 76.0 percent. Adjusted Same Store SG&A as a percent of gross profit increased 10 basis points, to 72.8 percent.


The following information was filed by Group 1 Automotive Inc (GPI) on Thursday, October 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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