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Asbury 3Q profit up on strong vehicle demand

The Associated Press

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.