Earnings ·
Asbury Automotive reports Q3 EPS of $5.84, a 29% decline from prior year
ABGAsbury Automotive Group Inc
Asbury Automotive Group reported third-quarter net income of $105 million, or $5.84 per diluted share, down 29% from $147 million in the same period last year. Adjusted net income was $111 million, or $6.16 per diluted share, a 21% decrease. Revenue fell 8% to $4.4 billion, driven by lower new and used vehicle sales volumes and gross margins. The company completed its Tekion technology conversion across all active stores in October. As of quarter-end, the firm had $1.0 billion in total liquidity and reported a transaction-adjusted net leverage ratio of 3.5x. Year-to-date share repurchases totaled approximately $278 million for 1.35 million shares. The company operates one of the largest automotive retail networks in the U.S., managing new vehicle dealerships, collision repair centers, and service contracts.