Asbury Automotive Group shows a third-quarter 2013 adjusted EPS increase and in total revenue, brought by increases in new and used vehicle sales, F & I and parts and service areas.
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Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., today reported adjusted income from continuing operations for the third quarter 2013 of $28.3 million, or $0.91 per diluted share, versus income from continuing operations in the third quarter 2012 of $22.6 million, or $0.72 per diluted share, a 26% increase per diluted share. Adjusted income from continuing operations for the third quarter of 2013 excludes debt redemption costs of $4.2 million after tax, or $0.14 per diluted share and a real estate-related charge resulting from the purchase of a previously leased property of $1.3 million after tax, or $0.04 per diluted share. On a GAAP basis, 2013 third quarter net income was $22.7 million, or $0.73 per diluted share, compared to 2012 third quarter net income of $20.7 million, or $0.66 per diluted share. See attached reconciliation for reported adjustments.
Third Quarter 2013 Highlights (compared to the prior year period):
- Total revenues increased 17% to $1.4 billion
- New vehicle retail revenues up 13%
- Used vehicle retail revenues up 33%
- Finance and insurance revenues up 24%
- Parts and service revenues up 9%
- Total gross profit up 16% with increases from all business lines
- SG&A expense as a percent of gross profit improved 120 basis points to 70.9%
- Redeemed remaining $143 million of 7.625% senior subordinated notes due in 2017 and raised $79 million of mortgage debt during the quarter; third quarter leverage at 2.2x Total Debt/Adjusted EBITDA
- Spent $19 million to purchase a previously leased property; $2 million of annualized rent savings
- Repurchased $8 million of Asbury common stock during the quarter
“Asbury is pleased to announce record third quarter results from continuing operations,” said Craig Monaghan, Asbury’s President and Chief Executive Officer. “Our stores continue to deliver operational excellence while successfully integrating our recent acquisitions. The future looks bright as auto sales continue their four year recovery, delivering record cash flow for reinvesting in continued growth.”