Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S., reported record second quarter 2022 net income of $201 million ($9.07 per diluted share), an increase of 32% from $152 million ($7.80 per diluted share) in the prior year quarter. Second quarter 2022 adjusted net income, a non-GAAP measure, increased 47% year-over-year to $223 million ($10.04 per diluted share) compared to adjusted net income of $152 million ($7.78 per diluted share) in second quarter 2021.

“The company generated an all-time record adjusted EPS of $10.04 and all-time record adjusted EBITDA of $352 million,” said David Hult, Asbury’s President and chief executive officer. “With two full quarters with our expanded dealership portfolio, our incredible team across the nation delivered a sequential increase in adjusted EBITDA of 5% and adjusted EPS of 8% over the first quarter of 2022. We are impressed with the strides that our team members are making to integrate our recent acquisitions and deliver value to our shareholders through this organic quarter over quarter growth.

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for non-GAAP metrics included in the accompanying financial tables.

Adjusted net income for second quarter 2022 excludes losses, net of tax, of $29 million ($0.97 per diluted share) related to losses on the sale of dealerships and a collision center.

Net income for the second quarter 2021 excluded real estate net gains of $0.5 million ($0.02 per diluted share).