Group 1 Automotive, Inc. (GPI), a Fortune 250 automotive retailer, on Thursday reported higher net income in the first quarter compared with the previous year, driven by strong U.K. performance and higher aftersales margins in the U.S.
The company said the income was partially offset by macroeconomic pressures, including high interest rates and elevated vehicle and fuel costs.
For the first quarter, net income from continuing operations increased to $129.9 million from $127.7 million in the previous year.
Earnings per share were $10.82 versus $9.64 last year.
On the adjusted basis, net income from continuing operations decreased $104 million from $134.7 million in the previous year.
Adjusted earnings per share were $8.66 versus $10.17 last year.
Income from operations increased to $242.6 million from $233.9 million in the prior year.
Revenue declined 1.8% to $5.41 billion from $5.51 billion in the previous year.
On Wednesday, Group 1 Automotive closed trading 1.31% higher at $349.21 on the New York Stock Exchange.
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