Asbury 3Q profit up on strong vehicle demand
Asbury Automotive posts 10 pct jump in 3rd-qtr profit on strong vehicle demand
NEWS: Auto dealership chain Asbury Automotive Group Inc. said Tuesday that its third-quarter rose 10 percent, helped by higher demand for both new and used vehicles.
DETAILS: New-vehicle sales rose 13 percent to $759.7 million, while used-vehicle sales jumped 27 percent to $421.6 million.
THE NUMBERS: Duluth, Ga.-based Asbury earned $22.7 million, or 73 cents per share, up from $20.7 million, or 66 cents per share, in the same quarter of 2012. Excluding one-time items, the company's profit was 91 cents per share.
Revenue rose 17 percent to $1.39 billion from $1.19 billion.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 87 cents per share on $1.33 billion in revenue, according to FactSet.
FUTURE: Asbury President and CEO Craig Monaghan said the future "looks bright," as auto sales continue their four-year recovery.
STOCK: Down 86 cents, or 2 percent, to $53.34 in morning trading.
