In a conference call yesterday, Group 1 Automotive reported its fourth-quarter and full-year 2012 figures, and shareholders will be happy with the results.
Get the facts and figures for Group 1 2012 earnings.
Fourth-Quarter 2012 Results (on a year-over-year basis unless otherwise noted)
- Total gross profit grew 14.0 percent on 19.3 percent higher revenues of $1.9 billion.
- New vehicle revenues increased 22.3 percent on 20.8 percent more unit sales. New vehicle gross profit increased 12.4 percent on an average vehicle selling price increase of 1.2 percent, to $34,872.
- Retail used vehicle gross profit increased 13.9 percent on 16.6 percent higher revenues, as the average selling price increased 2.7 percent, to $20,977, and the company retailed 13.5 percent more units.
- Parts and service gross profit increased 8.6 percent on 8.3 percent higher revenues.
- Finance and insurance gross profit per retail unit increased $87, to an all-time record $1,270, as penetration rates improved in both finance and vehicle service contracts.
- Selling, general and administrative (SG&A) expenses (adjusted) as a percent of revenues improved 40 basis points, to 11.1 percent.
- SG&A expenses (adjusted) as a percent of gross profit increased 60 basis points, to 76.7 percent.
Full-Year 2012 Results (on a year-over-year basis unless otherwise noted)
- Total gross profit grew 16.3 percent on 23.0 percent higher revenues of $7.5 billion, representing increases in all operating segments and new all-time records.
- New vehicle gross profit grew 17.6 percent on 26.1 percent higher revenues, as the company retailed 128,550 new vehicles in 2012.
- Retail used vehicle gross profit was 17.3 percent higher on a 24.0 percent revenue increase.
- Parts and service revenues grew 8.1 percent.
- Finance and insurance revenues increased 32.8 percent on 24.0 percent more retail unit sales; gross profit per unit was a record-setting $1,215.
- SG&A expenses (adjusted) as a percent of gross profit improved 100 basis points on a comparable basis, to 75.4 percent.
- Operating margin (adjusted) was 3.2 percent.