Asbury Automotive 2Q profit jumps 49 pct

Asbury Automotive posts 49 pct jump in 2nd-qtr profit on higher demand for cars and trucks

Associated Press

DULUTH, Ga. (AP) -- Auto dealership chain Asbury Automotive Group Inc.'s second-quarter net income jumped 49 percent, boosted by higher consumer demand for new and used vehicles.

The Duluth, Ga.-based company said Tuesday that it earned $21.1 million, or 67 cents per share, up from $14.2 million, or 43 cents per share, in the same quarter last year. Excluding discontinued operations, the company posted a profit of 69 cents per share for the recent quarter.

Analysts, on average, expected a profit of 64 cents per share, according to a FactSet poll.

Revenue increased 11 percent to $1.19 billion from $1.07 billion. Analysts expected $1.2 billion.

New vehicle revenue rose 16 percent to $663.4 million, while used vehicle revenue grew 7.1 percent to $339.1 million. Parts and service revenue was largely flat at $145.7 million.

Asbury shares fell 89 cents, or 3.3 percent, to $25.73 in morning trading.

Rates

View Comments (0)