Group 1 Automotive, Inc. GPI reported 4Q adjusted EPS of $0.64, slightly ahead of JPMe ($0.62) and Bloomberg consensus ($0.61), J.P. Morgan reports.
“Stronger-than-expected revenues ($1.44B vs. JPMe of $1.25B) were partially offset by lower gross margins (15.1% vs. JPMe of 16.6%) and higher SG&A,” J.P. Morgan writes.
“SG&A as a percent of gross profit was 78.7% in 4Q vs. 77.5% per JPMe. Expect a neutral reaction to these results.
“Overall gross margin at 15.1% was weaker than our expectations (16.6%) across the board: new vehicle gross margin of 5.6% (JPMe 6.2%), used retail vehicle gross margin of 8.2% (JPMe 9.3%), and Parts and Service gross margin of 53.1% (JPMe 53.6%).”
Group 1 Automotive closed Wednesday at $41.08.
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