Asbury Q3 Earnings Miss Expectations, Revenues Rise Y/Y

In This Article:

Asbury Automotive ABG reported third-quarter 2024 adjusted earnings of $6.35 per share, which decreased 21.8% year over year and missed the Zacks Consensus Estimate of $6.65. In the reported quarter, revenues amounted to $4.24 billion, which increased 16% year over year but missed the Zacks Consensus Estimate of $4.36 billion.

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Asbury Automotive Group, Inc. Price, Consensus and EPS Surprise

Asbury Automotive Group, Inc. Price, Consensus and EPS Surprise
Asbury Automotive Group, Inc. Price, Consensus and EPS Surprise

Asbury Automotive Group, Inc. price-consensus-eps-surprise-chart | Asbury Automotive Group, Inc. Quote

Segment Details

In the quarter, new vehicle revenues rose 16% year over year to $2.16 billion, missing the Zacks Consensus Estimate of $2.21 billion. The underperformance could be attributed to lower-than-expected units sold. Retail units sold in the segment amounted to 42,607 (up 16% year over year), which missed the consensus mark of 44,380 units. New vehicles average selling price (ASP) was $50,778 (remained flat year over year), which surpassed the consensus mark of $49,089. Gross profit from the segment came in at $150.4 million, decreasing 11% from the prior-year quarter but surpassing the Zacks Consensus Estimate of $146 million.

Used-vehicle retail revenues rose 13% from the year-ago figure to $1.15 billion, which missed the Zacks Consensus Estimate of $1.16 billion. Retail used vehicle units sold in the quarter totaled 37,347 (up 16% year over year), missing the consensus mark of 40,884 units. Retail used vehicle ASP was $30,751 (down 3% year over year), beating the Zacks Consensus Estimate of $30,473. Gross profit from the segment came in at $56.1 million (down 6% year over year) and missed the Zacks Consensus Estimate of $58 million.

Revenues from used vehicle wholesale business jumped 54% to $146.2 million but missed the consensus mark of $149 million. Gross profit from the unit rose 45% to $3.3 million but missed the consensus mark of $4.27 million.

Net revenues from the finance and insurance business amounted to $185.4 million, up 12% from the year-ago quarter. The metric, however, missed the Zacks Consensus Estimate of $196 million. Gross profit was $171.2 million, which rose 13% year over year but missed the Zacks Consensus Estimate of $172 million.

Revenues from the parts and service business rose 13% from the prior-year quarter to $593.1 million but missed the Zacks Consensus Estimate of $637 million. Gross profit from this segment came in at $337.1 million, which rose 16% year over year. However, it missed the Zacks Consensus Estimate of $366 million.

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