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Group 1 Automotive Q3 adjusted net income 15.7% better

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Staff writer ▼ | October 27, 2015
Group 1 Automotive reported record third quarter 2015 adjusted net income of $46 million, a 15.7 percent increase over the prior year.
Group 1 Automotive
Group 1 Automotive   Q3 adjusted net income was $46 million
Adjusted diluted earnings per share of $1.91 were also a third quarter record, reflecting a 21.7 percent increase from the comparable, adjusted prior-year period.

These third quarter results exclude approximately $800 thousand of net, after-tax charges related to non-cash asset impairments. GAAP net income and diluted earnings per share were $45.3 million and $1.88, respectively.

"We are delighted to announce an all-time quarterly revenue record of $2.8 billion," said Earl J. Hesterberg, Group 1's president and chief executive officer.

"Continued expense leverage in the United States and strong top-line growth in both the U.S. and U.K. delivered a record third quarter adjusted diluted EPS of $1.91. We were particularly pleased with the double-digit growth in used vehicle unit Same Store sales that all three of our markets delivered this quarter.

"In addition, our U.K. operations had an outstanding quarter, with revenue up 39.6 percent on a constant currency basis.

"Finally, while overall market conditions continue to be challenging in Brazil, with new vehicle industry volumes declining over 25 percent on a year-over-year basis, our team in Brazil grew Same Store revenue by 7.1 percent on a constant currency basis and delivered another profitable quarter,"