Group 1 Automotive is a prominent automotive retailer that operates a network of dealerships across the United States and internationally
The company engages in the sale of new and used vehicles, as well as offering vehicle financing and insurance services. In addition to these core operations, Group 1 also provides vehicle maintenance and repair services, thereby ensuring a comprehensive approach to customer needs in the automotive sector. With a focus on enhancing the car-buying experience, the company employs advanced technologies and customer service initiatives to foster long-term relationships with its clientele.
Analysts at Morgan Stanley sparked a shakeup across auto stocks Wednesday as the firm moved to the sidelines on automakers and turned more positive on dealers and parts companies.
Group 1 Automotive reported Q2 FY24 sales growth of 3% YoY to $4.696 billion, missing the $4.71 billion estimate. New vehicle sales increased by 5.4%, while used vehicle sales grew by 0.2%. Despite these gains, gross profit fell 1.2% to $766.5 million.
Shares of Advanced Micro Devices, Inc. (NASDAQAMD) shares declined 3.8% to $165.49 following fourth-quarter results. AMD reported fourth-quarter non-GAAP earnings per share of 77 cents per share on revenue of $6.17 billion. AMD shares dipped 3.8% to $165.49 on Wednesday.
