Asbury Automotive Exceeds Q4 Expectations with Strong Earnings and Revenue
DULUTH, Ga. (AP) - Asbury Automotive Group Inc. (ABG) reported a fourth-quarter net income of $128.8 million, surpassing Wall Street estimates. Earnings per share were $6.54, with adjusted earnings reaching $7.26 per share, driven by asset impairment and non-recurring costs.
Analysts' expectations, based on a Zacks Investment Research survey, stood at $6.07 per share. The auto dealership chain also exceeded revenue forecasts, with $4.5 billion generated in the quarter. Four analysts surveyed by Zacks anticipated revenue of $4.13 billion.
For the full year, Asbury Automotive reported profit of $430.3 million ($21.50 per share) on revenue of $17.19 billion.
ABG shares have seen a 13% rise since the start of 2023 and a 25% increase over the past 12 months.