Group 1 Automotive, Inc. reported record full-year revenues of $19.9 billion for 2024, an 11.5% increase year-over-year. For the fourth quarter of 2024, total revenues reached $5.5 billion, up 23.8%, and total gross profit was $879.2 million, a 20.3% increase.
The company's U.S. operations showed strong execution, with parts and service revenue growth of 12.2% in Q4 2024. Adjusted diluted EPS from continuing operations for the fourth quarter was $10.02, surpassing analyst expectations.
In the U.K., the integration of the Inchcape Retail acquisition, which added 54 dealerships, progressed with a restructuring plan initiated in Q4 2024. This plan included workforce realignment and systems integrations, resulting in $16.7 million in restructuring charges during the quarter. Additionally, Group 1 acquired a BMW/MINI dealership in the U.K. in October 2024, expected to generate $125.0 million in annual revenues.
For the full year, Group 1 acquired operations with $3.9 billion in expected annual revenues and disposed of non-core dealerships generating $420 million in annual revenues. The company repurchased 518,465 shares for $161.6 million at an average price of $311.67 per share, with $476.1 million remaining on its share repurchase program as of December 31, 2024.
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