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Group 1 continued a share buyback program during the quarter and said it repurchased more than 3 billion shares in total in 2022, representing nearly 18 percent of its outstanding common shares at the beginning of last year.
For the full year, Group 1 reported much higher revenue and flat net income
Shares of Group 1 rose 2 percent to $197.04 in afternoon trading Wednesday.
• Q4 net income: $157 million, up 80 percent compared with the year-earlier period
• Q4 revenue: $4.07 billion, up 17 percent
• Q4 net income from continuing operations: $156.7 million, down 4 percent
• Q4 new-vehicle sales: 39,992 vehicles, up 12 percent; 34,971 vehicles on a same-store basis, up 2.5 percent
• 2022 net income: $751.5 million, up 36 percent compared with 2021
• 2022 revenue: $16.22 billion, up 20 percent
• 2022 net income from continuing operations: $754.2 million, up 21 percent
• 2022 new-vehicle sales: 154,714 vehicles, up 5.9 percent; 128,684 vehicles on a same-store basis, down 10 percent
Group 1 ranked No. 4 on Automotive News‘ most recent list of the top 150 dealership groups based in the U.S., with retail sales of 146,072 new vehicles in 2021.