Asbury Automotive Reports 3rd Quarter Profit

PR Newswire

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.

Get the details on Asbury Auto­mo­tive Group for July through Sep­tem­ber.

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.”

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