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Public auto groups report strong third-quarter results

Four of the six public dealer groups released record-breaking third-quarter financial results on Wednesday, including Group 1 Automotive, AutoNation, Asbury Automotive Group, and Sonic Automotive.

Group 1 Automotive reported total revenues for the quarter of $4.2 billion, marking a 22% increase over the $3.4 billion from the same period last year. The company posted a net income of $197.1 million, up 14.2% from the third quarter result of $172.5 million last year, and earnings per share of $12.57 – a 34.4% increase over the $9.35 from the same period last year. That result is the highest in the company’s history.

Group 1’s Chief Executive, Officer Earl J. Hesterberg, said, “Our team delivered another record quarter featuring substantial revenue and profit growth,” adding that “our share repurchase level is now over 20% of our total outstanding shares over the past 12 months.”

AutoNation also reported a record-breaking quarter, with a revenue of $6.7 billion and an operating income of $523 million, an increase of 4% for both results. The company boasted record-breaking earnings per share of $6.31, an increase of 23% over Q3 2021.

The company also announced a planned acquisition of four dealerships, representing nine franchises, from Moreland Auto Group, an agreement representing approximately $320 million in annual revenue.

Asbury Automotive posted third-quarter revenue of $3.9 billion, a staggering 61% increase over the same period last year. The company reported a net income of $205 million, a 39% increase over last year, and record earnings per share of $9.23 – a 22% increase from Q3 2021.

Asbury’s President and CEO, David Hult, said the team “navigated a challenging macro environment, including the impact of Hurricane Ian, to drive strong results.”

Sonic Automotive reported a record third-quarter revenue of $3.4 billion, marking a 12% increase year-over-year. The company also had a record-breaking net income for the quarter of $87.3 million and diluted earnings per share of $2.23.

Sonic’s Chairman and CEO, David Smith, said, “Our quarterly results reflect another period of solid financial performance, including record third-quarter revenues, gross profit, and earnings per share.”

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