Last $81.50 USD
Change Today -0.99 / -1.20%
Volume 291.4K
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As of 2:33 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

group 1 automotive inc (GPI) Key Developments

Group 1 Automotive and Prestige Imports Reach Settlement Agreement

Prestige Imports and Group 1 Automotive are announced that an amicable and mutually beneficial settlement agreement has been reached where the litigation over the purchase and sale of the Prestige Audi franchise portion of the Prestige Imports Motor Group business has been resolved on terms satisfactory to all parties. Completion of the sale remains subject to manufacturer approval by Audi and customary contractual conditions to closing.

Group 1 Automotive, Inc. Expands UK Operation

Group 1 Automotive Inc. announced that it acquired three BMW/MINI dealerships located in the United Kingdom. These dealerships, which will continue to operate as Elms Bedford BMW/MINI, Elms Cambridge BMW/MINI and Elms Stansted BMW/MINI, are expected to generate $225 million in estimated annual revenues.

Group 1 Automotive Increases Quarterly Cash Dividend Payable on December 15, 2014

Group 1 Automotive Inc. announced that its board of directors declared a cash dividend of $0.19 per share for the third quarter of 2014. The dividend, which represents an increase of 11.8%, or $0.02 per share, from the second quarter of 2014, will be payable on December 15, 2014, to stockholders of record on December 1, 2014.

Group 1 Automotive Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment of Assets for the Third Quarter Ended September 30, 2014

Group 1 Automotive Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $2,626,448,000 compared to $2,340,147,000 a year ago. Operating income was $90,357,000 compared to $72,941,000 a year ago. Income before income taxes was $43,869,000 compared to $52,280,000 a year ago. Net income was $26,162,000 compared to $32,765,000 a year ago. Diluted earnings per share were $1.03 compared to $1.19 for the same period a year ago. Adjusted net income was $39,784,000 compared to $32,866,000 a year ago. Adjusted net income available to diluted common shares was $38,264,000 compared to $31,542,000 a year ago. Adjusted diluted income per share was $1.57 compared to $1.20 a year ago. Earnings available to diluted common shares were $25,162,000 compared to $31,445,000 for the same period a year ago. For the nine months, the company reported total revenues of $7,398,949,000 compared to $6,639,089,000 a year ago. Operating income was $245,700,000 compared to $212,206,000 a year ago. Income before income taxes was $131,276,000 compared to $151,707,000 a year ago. Net income was $74,327,000 compared to $92,271,000 a year ago. Diluted earnings per share were $2.82 compared to $3.52 for the same period a year ago. Adjusted net income was $111,065,000 compared to $101,823,000 a year ago. Adjusted net income available to diluted common shares was $106,939,000 compared to $97,582,000 a year ago. Adjusted diluted income per share was $4.22 compared to $3.88 a year ago. Earnings available to diluted common shares were $71,558,000 compared to $88,428,000 for the same period a year ago. The company also reported asset impairments of $9,373,000 during the third quarter of 2014 against $565,000 a year ago.

Group 1 Automotive, Inc. Announces $200 Million Offering of Senior Notes

Group 1 Automotive Inc. announced that, subject to market conditions, it intends to sell in an offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to persons outside of the United States pursuant to Regulation S under the Securities Act, $200 million in aggregate principal amount of its 5.000% Senior Notes due 2022, which will be part of the same class of notes as the company's existing $350 million aggregate principal amount of 5.000% Senior Notes due 2022 that were issued in June 2014. The company intends to use the net proceeds from the offering to repay borrowings outstanding under the acquisition line of its revolving credit facility and to make a contribution to its floorplan offset account, which is the amount of excess cash that is used to pay down the floorplan line of its revolving credit facility but can be immediately redrawn. Approximately $175 million of borrowings outstanding under the acquisition line were used to finance the conversion and redemption of the company's 2.25% Convertible Senior Notes due 2036.

 

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