HOUSTON, Might 18, 2022 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI) (“Team 1” or the “Corporation”), an intercontinental, Fortune 300 automotive retailer with 202 dealerships situated in the U.S. and U.K., currently declared its board of directors greater the Firm’s popular stock repurchase authorization by $175 million to $250 million, and also declared an boost to the quarterly money dividend.
“We go on to exhibit solid funds circulation and a wholesome equilibrium sheet, which has enabled considerable money deployment in 2022. We look to proceed progress through acquisitions while also returning money to our shareholders,” stated Earl J. Hesterberg, Group 1’s President and Main Govt Officer.
- Share Repurchases & Authorization Boost
The Business announced that its board of directors amplified the Company’s common inventory share repurchase authorization by $175 million to $250 million. The Business also current their yr-to-day repurchase action of 796,060 shares of common stock at an typical selling price of $179.72 for a total of $143.1 million, which signifies 4.6 percent of Group 1’s exceptional share rely at January 1, 2022. Purchases could be created from time to time, based mostly on market situations, legal necessities, and other corporate issues, in the open up industry or in privately negotiated transactions. The Firm expects that any repurchase of shares will be funded by money from operations. Repurchased shares will be held in treasury.
- Quarterly Funds Dividend Boost
Team 1’s board of directors also declared a cash dividend of $.37 for every share for the to start with quarter of 2022. The dividend represents an boost of 2.8{09e594db938380acbda72fd0ffbcd1ef1c99380160786adb3aba3c50c4545157}, or $.01 for each share, from the fourth quarter of 2021, and will be payable on June 15, 2022, to stockholders of document as of June 1, 2022.
ABOUT Team 1 AUTOMOTIVE, INC.
Team 1 owns and operates 202 automotive dealerships, 268 franchises, and 46 collision facilities in the United States and the United Kingdom that provide 34 brands of automobiles. Via its dealerships, the Enterprise sells new and employed autos and light-weight vehicles arranges associated motor vehicle funding sells services contracts delivers automotive routine maintenance and restore expert services and sells car or truck sections.
Team 1 discloses extra facts about the Company, its company, and its benefits of operations at www.group1corp.com, www.group1vehicle.com, www.group1collision.com, www.acceleride.com, www.fb.com/team1vehicle, and www.twitter.com/group1auto.
Forward-Hunting STATEMENTS
This press launch is made up of “forward-looking statements” inside of the indicating of the Private Securities Litigation Reform Act of 1995, which are statements linked to potential, not previous, situations and are based mostly on our current expectations and assumptions pertaining to our business, the economic climate and other foreseeable future circumstances. In this context, the forward-looking statements typically include statements regarding our plans, designs, projections and steering regarding our money situation, success of operations and business technique, and typically comprise words and phrases this kind of as “expects,” “anticipates,” “intends,” “designs,” “believes,” “seeks,” “ought to,” “foresee,” “may well” or “will” and similar expressions. Though management thinks that these forward-looking statements are fair as and when designed, there can be no assurance that future developments influencing us will be individuals that we anticipate. Any these ahead-seeking statements are not assurances of long run general performance and contain threats and uncertainties that may possibly result in true results to differ materially from these set forth in the statements. These pitfalls and uncertainties consist of, amid other items, (a) standard financial and small business ailments, (b) the degree of producer incentives, (c) the long run regulatory environment, (d) our potential to acquire an inventory of desirable new and used autos, (e) our connection with our automobile suppliers and the willingness of makers to approve long run acquisitions, (f) our value of funding and the availability of credit for customers, (g) our skill to finish acquisitions and inclinations and the threats associated therewith, (h) foreign exchange controls and currency fluctuations, (i) the impacts of COVID-19 and the armed conflict in Ukraine on our company and the provide chains on which our small business is dependent, (j) the impacts of any likely world economic downturn, (k) our ability to keep ample liquidity to function, (l) the chance that proposed transactions will not be consummated in a timely way, and (m) our means to efficiently integrate the latest and foreseeable future acquisitions. For extra facts with regards to acknowledged substance variables that could bring about our real success to differ from our projected outcomes, remember to see our filings with the Securities and Exchange Commission, like our Annual Report on Type 10-K, Quarterly Reports on Type 10-Q and Present-day Experiences on Kind 8-K. Viewers are cautioned not to spot undue reliance on ahead-on the lookout statements, which speak only as of the day hereof. We undertake no obligation to publicly update or revise any forward-hunting statements immediately after the date they are designed, irrespective of whether as a result of new information, future gatherings or or else.
Trader contacts:
Jason Babbitt
Vice President, Treasurer
Group 1 Automotive, Inc.
[email protected]
Media contacts:
Pete DeLongchamps
Senior Vice President, Manufacturer Relations, Economic Products and services and General public Affairs
Group 1 Automotive, Inc.
[email protected]
or
Clint Woods
Pierpont Communications, Inc.
713-627-2223
[email protected]
Source Group 1 Automotive, Inc.
