Asbury Reports Strong Q3

By Staff Writer October 14, 2020 116

Asbury Automotive Group Inc. expects net income per diluted share to be between $4.88 and $4.96, and adjusted net income per diluted share (a non-GAAP measure) to be between $4.00 and $4.08, which would be an increase of between 72 percent and 75 percent from the prior year quarter adjusted net income per diluted share of $2.33. 

These preliminary financial results are for the three months ended Sept. 30. Asbury net income for the third quarter 2020 is expected to be adjusted for a $24.7 million ($0.96 per diluted share) gain on a dealership divestiture, $1.3 million ($0.05 per diluted share) of acquisition related costs and a $0.7 million ($0.03 per diluted share) real estate related charge.

The company expects same store gross profit to be up between 6 percent and 7 percent, and it expects SG&A as a percentage of gross profit to be between 61 percent and 62 percent. “Our strong margins, disciplined expense management and the continued recovery in parts and service once again drove solid operating performance in the quarter.  In addition, we were able to close on the largest acquisition in Asbury’s history with the Park Place stores,” said David Hult, Asbury’s President and Chief Executive Officer.

Asbury’s financial closing procedures for the three and nine months ended September 30, 2020 are not yet complete and, as a result, the final results upon completion of closing procedures may vary from these preliminary estimates. Estimates of results are inherently uncertain and subject to change, and Asbury undertakes no obligation to update this information. These estimates should not be viewed as a substitute for interim financial statements prepared in accordance with United States GAAP. Asbury’s independent registered public accounting firm has not conducted a review of and does not express an opinion or any other form of assurance with respect to, these preliminary estimates.

Asbury also announced that it will release its third quarter financial results before the market opens on October 27, 2020. 

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Last modified on Monday, 19 October 2020 14:16