HOUSTON, Nov. 15,
2023 /PRNewswire/ -- Group 1 Automotive, Inc.
(NYSE: GPI) ("Group 1" or the "Company"), an
international, Fortune 300 automotive retailer with 201 dealerships
located in the U.S. and U.K., today announced its board of
directors declared a quarterly dividend of $0.45 per share that will be payable on
December 15, 2023, to stockholders of
record as of December 1, 2023.
The dividend is consistent with the Company's previously
announced increase of 20% in its annualized dividend rate from
$1.50 per share in 2022 to
$1.80 per share in 2023.
The Company also updated its year-to-date share repurchase
activity of 678,743 shares of common stock at an average price
of $233.31 for a total of $158.4 million, which
represents approximately 4.7 percent of Group 1's outstanding
common shares at January 1,
2023. As of November 15, 2023,
the Company had $157.7 million
available under its current share repurchase authorization.
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.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns
and operates 201 automotive dealerships,
269 franchises, and 41 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) foreign
exchange controls and currency fluctuations, (i) the armed
conflicts in Ukraine and the Middle East and the supply chains upon
which our business is dependent, (j) the impacts of continued
inflation and any potential global recession, (k) our ability to
maintain sufficient liquidity to operate, and (l) 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.