Group 1 Automotive Inc. (GPI, Financial) filed Quarterly Report for the period ended 2012-06-30.
Group 1 Automotive, Inc. has a market cap of $1.19 billion; its shares were traded at around $53.4 with a P/E ratio of 12.9 and P/S ratio of 0.2. The dividend yield of Group 1 Automotive, Inc. stocks is 1.2%. Group 1 Automotive, Inc. had an annual average earning growth of 4.8% over the past 5 years.
Our Same Store new vehicle gross profit increased 5.9% for the three months ended June 30, 2012 as a result of the 24.7% increase in new vehicle retail unit sales. The mix effect of our new vehicle business shifting to import from luxury brands, coupled with the improved level of industry-wide supply of import brand inventory contributed to a decline in our Same Store gross profit PRU by 15.1%, as compared to the same period in 2011. Same Store gross profit PRU declined $435 in our import brands and $202 in our domestic brands, but improved $18 in our luxury brands. On a sequential basis, we experienced a 1.2%, or $22, increase in our gross profit PRU for second quarter of 2012, as compared to the first quarter of 2012.
The improved selling environment, coupled with our emphasis on improving our dealership sales processes has resulted in an increase in our Same Store used retail units sales of 18.6% for the three months ended June 30, 2012, as compared to the same period in 2011. In addition, our average used retail selling price increased by $44 during the three months ended June 30, 2012 to $20,572. And, as a result, our Same Store used retail revenues improved 18.8%. For the six months ended June 30, 2012, our Same Store used retail revenue improved by 19.1% as a result of a 17.0% increase in Same Store used retail unit sales, as compared to the same period in 2011, as well as an increase in our average selling price PRU of 1.8% to $20,291.
Our Same Store parts and service revenues increased 1.3% for the three months ended June 30, 2012 as compared to the same period in 2011, driven primarily by a 3.5% increase in customer pay parts and service sales. We also generated a 2.0% increase in wholesale parts sales and a 0.4% increase in collision revenue. These increases were partially offset by a 4.6% decline in our warranty parts and service revenues. Similarly, for the six months ended June 30, 2012, Same Store parts and service revenues increased 1.8% as compared to the same period in 2011. The overall increase consisted of improvements in our customer pay parts and service revenues of 5.2%, our collision revenues of 5.3%, and our wholesale parts business of 2.3%. Our warranty parts and service revenues decreased 8.7%, as compared to the same period in 2011.
Our focus on improving our finance and insurance business processes, coupled with improved retail vehicle sales volumes, continues to generate growth in finance and insurance revenues. Our Same Store finance and insurance revenues increased by 30.8% to $60.6 million for the three months ended June 30, 2012, as compared to the same period in 2011. This improvement was primarily driven by a 22.1% increase in new and used vehicle unit sales, along with an increase in penetration rates for finance and vehicle service contracts of 120 basis points and 130 basis points, respectively. In addition, finance income per contract increased by 1.4% for the three months ended June 30, 2012, as compared to the same period in 2011. We also experienced a 42.5% increase in our insurance and other product revenue primarily relating to increases in income per contract associated with these product offerings. These increases more than offset an increase in our chargeback expense. As a result, our Same Store revenues PRU for the three months ended June 30, 2012 improved 7.1 %, or $80, to $1,206, as compared to the same period in 2011.
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Group 1 Automotive, Inc. has a market cap of $1.19 billion; its shares were traded at around $53.4 with a P/E ratio of 12.9 and P/S ratio of 0.2. The dividend yield of Group 1 Automotive, Inc. stocks is 1.2%. Group 1 Automotive, Inc. had an annual average earning growth of 4.8% over the past 5 years.
Highlight of Business Operations:
For the three months ended June 30, 2012, total revenues increased 28.6% from 2011 levels to $1.9 billion and gross profit improved 16.8% to $285.3 million. For the six months ended June 30, 2012, total revenues increased 23.5% from 2011 levels to $3.6 billion and gross profit improved 17.1% to $545.8 million. Operating income increased for the three and six months ended June 30, 2012 by 15.9% and 25.0%, respectively, from 2011 to $63.1 million and $117.1 million, respectively. Income before income taxes increased to $46.0 million for the second quarter of 2012, which was a 16.0% improvement over the same period from the prior year. For the first half of 2012, income before income taxes increased 29.8% to $83.4 million. For the three months ended June 30, 2012 and 2011, we realized net income of $28.6 million and $24.7 million, respectively, and diluted income per share of $1.20 and $1.03, respectively. For the six months ended June 30, 2012 and 2011, we realized net income of $51.7 million and $40.0 million, respectively, and diluted income per share of $2.18 and $1.66, respectively. For the six months ended June 30, 2012 and 2011, our net cash used was $5.4 million and $7.6 million, respectively.Our Same Store new vehicle gross profit increased 5.9% for the three months ended June 30, 2012 as a result of the 24.7% increase in new vehicle retail unit sales. The mix effect of our new vehicle business shifting to import from luxury brands, coupled with the improved level of industry-wide supply of import brand inventory contributed to a decline in our Same Store gross profit PRU by 15.1%, as compared to the same period in 2011. Same Store gross profit PRU declined $435 in our import brands and $202 in our domestic brands, but improved $18 in our luxury brands. On a sequential basis, we experienced a 1.2%, or $22, increase in our gross profit PRU for second quarter of 2012, as compared to the first quarter of 2012.
The improved selling environment, coupled with our emphasis on improving our dealership sales processes has resulted in an increase in our Same Store used retail units sales of 18.6% for the three months ended June 30, 2012, as compared to the same period in 2011. In addition, our average used retail selling price increased by $44 during the three months ended June 30, 2012 to $20,572. And, as a result, our Same Store used retail revenues improved 18.8%. For the six months ended June 30, 2012, our Same Store used retail revenue improved by 19.1% as a result of a 17.0% increase in Same Store used retail unit sales, as compared to the same period in 2011, as well as an increase in our average selling price PRU of 1.8% to $20,291.
Our Same Store parts and service revenues increased 1.3% for the three months ended June 30, 2012 as compared to the same period in 2011, driven primarily by a 3.5% increase in customer pay parts and service sales. We also generated a 2.0% increase in wholesale parts sales and a 0.4% increase in collision revenue. These increases were partially offset by a 4.6% decline in our warranty parts and service revenues. Similarly, for the six months ended June 30, 2012, Same Store parts and service revenues increased 1.8% as compared to the same period in 2011. The overall increase consisted of improvements in our customer pay parts and service revenues of 5.2%, our collision revenues of 5.3%, and our wholesale parts business of 2.3%. Our warranty parts and service revenues decreased 8.7%, as compared to the same period in 2011.
Our focus on improving our finance and insurance business processes, coupled with improved retail vehicle sales volumes, continues to generate growth in finance and insurance revenues. Our Same Store finance and insurance revenues increased by 30.8% to $60.6 million for the three months ended June 30, 2012, as compared to the same period in 2011. This improvement was primarily driven by a 22.1% increase in new and used vehicle unit sales, along with an increase in penetration rates for finance and vehicle service contracts of 120 basis points and 130 basis points, respectively. In addition, finance income per contract increased by 1.4% for the three months ended June 30, 2012, as compared to the same period in 2011. We also experienced a 42.5% increase in our insurance and other product revenue primarily relating to increases in income per contract associated with these product offerings. These increases more than offset an increase in our chargeback expense. As a result, our Same Store revenues PRU for the three months ended June 30, 2012 improved 7.1 %, or $80, to $1,206, as compared to the same period in 2011.
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