HOUSTON, May 9, 2024
/PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group
1" or the "Company"), a Fortune 300 automotive retailer with
203 dealerships located in the U.S. and U.K., today announced its
board of directors approved a new share repurchase authorization of
$250 million, and also declared a
quarterly dividend.
- Share Repurchase Authorization Increase
The Company
announced that its board of directors increased the Company's
common share repurchase authorization by $161 million to $250
million. Year-to-date 2024, the Company repurchased
205,551 shares at an average price per common share of $264.74, for a total of $54 million. Purchases may be made from
time to time, based on market conditions, legal requirements, and
other corporate considerations, in the open market or in privately
negotiated transactions. The Company expects that any
repurchase of shares will be funded by cash from operations.
Repurchased shares will be held in treasury.
- Quarterly Dividend
Group 1's board of directors also
declared a $0.47 dividend per share
that will be payable on June 17,
2024, to stockholders of record as of June 3, 2024. The dividend is consistent
with the Company's previously announced increase of 4% in its
annualized dividend rate from $1.80
per share in 2023 to $1.88 per share
in 2024.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 203 automotive dealerships,
265 franchises, and 43 collision centers in
the United States and the
United Kingdom that offer
35 brands of automobiles. Through its dealerships and
omni-channel platform, the Company sells new and used cars and
light trucks; arranges related vehicle financing; sells service and
insurance contracts; provides automotive maintenance and repair
services; and sells vehicle parts.
Group 1 discloses additional information about the Company,
its business, and its results of operations at www.group1corp.com,
www.group1auto.com, www.group1collision.com, www.acceleride.com,
www.facebook.com/group1auto, and
www.twitter.com/group1auto.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, which are statements related to future, not past, events
and are based on our current expectations and assumptions regarding
our business, the economy and other future conditions. In this
context, the forward-looking statements often include statements
regarding our strategic investments, goals, plans, projections and
guidance regarding our financial position, results of operations
and business strategy, including the annualized revenues of
recently completed acquisitions or dispositions and other benefits
of such currently anticipated or recently completed acquisitions or
dispositions. These forward-looking statements often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should," "foresee," "may" or "will" and similar
expressions. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Any such forward-looking statements are not
assurances of future performance and involve risks and
uncertainties that may cause actual results to differ materially
from those set forth in the statements. These risks and
uncertainties include, among other things, (a) general economic and
business conditions, (b) the level of manufacturer incentives, (c)
the future regulatory environment, (d) our ability to obtain an
inventory of desirable new and used vehicles, (e) our relationship
with our automobile manufacturers and the willingness of
manufacturers to approve future acquisitions, (f) our cost of
financing and the availability of credit for consumers, (g) our
ability to complete acquisitions and dispositions, on a timely
basis, if at all and the risks associated therewith, (h) our
ability to realize the benefits expected from proposed
acquisitions, including any anticipated cost reductions, (i)
foreign exchange controls and currency fluctuations, (j) the armed
conflicts in Ukraine and the Middle East, (k) the impacts of
continued inflation and any potential global recession, (l) our
ability to maintain sufficient liquidity to operate, and (m) our
ability to successfully integrate recent and future acquisitions.
For additional information regarding known material factors that
could cause our actual results to differ from our projected
results, please see our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking
statements after the date they are made, whether as a result of new
information, future events or otherwise.
Investor contacts:
Terry
Bratton
Manager, Investor Relations
Group 1 Automotive, Inc.
ir@group1auto.com
Media contacts:
Pete
DeLongchamps
Senior Vice President, Manufacturer Relations, Financial Services
and Public Affairs
Group 1 Automotive, Inc.
pdelongchamps@group1auto.com
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
cwoods@piercom.com
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SOURCE Group 1 Automotive, Inc.