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![Group 1 Automotive Inc [GPI] reports annual net loss of $601.6 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGPI.png&w=1200&q=75)
GROUP 1 AUTOMOTIVE INC [GPI] has reported a net loss of $601.6 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $17.9 billion
Based in HOUSTON, Texas, GROUP 1 AUTOMOTIVE INC operates in the RETAIL sector.
In the Consolidated Statements of Operations for the 12 months ended December 31, 2023, the revenue amounted to $17,873.7 million, representing an increase from $16,222.1 million in the previous year. The cost of sales for the same period was $14,853.4 million, up from $13,256.9 million in the prior year. This resulted in a gross profit of $3,020.3 million, slightly higher than the $2,965.2 million reported in the previous period.
Income from operations for the current period was $968.6 million, lower than the $1,091.4 million in the same period last year. The net income for the current period stood at $601.6 million, compared to $751.5 million in the previous year.
The basic earnings per share for the current period were $42.89, down from $47.29 in the previous year. The diluted earnings per share also decreased to $42.73 from $47.14 in the same period last year.
Looking at the specific revenue breakdown, new vehicle retail sales generated revenues of $8,774.6 million, up from $7,452.5 million in the prior year. Used vehicle retail sales and wholesale sales also saw an increase in revenue. Parts and service sales revenue showed a positive trend as well.
In conclusion, while the overall revenue improved in the current reporting period compared to the previous year, the income from operations and net income experienced a decline. The earnings per share also showed a decrease in both basic and diluted amounts.
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