Asbury Automotive Group, one of the largest automotive retail and service companies in the U.S., reported fourth quarter 2022 net income of $353 million ($15.95 per diluted share), an increase of 151% from $141 million ($6.44 per diluted share) in the prior year quarter. Fourth quarter 2022 adjusted net income, a non-GAAP measure, increased 24% year-over-year to $202 million ($9.12 per diluted share) compared to adjusted net income of $163 million ($7.46 per diluted share) in fourth quarter 2021.

“Our team members continued to drive excellence this quarter as they have during all of 2022,” said David Hult, president and chief executive officer. “We are pleased with the progress of our dealership acquisitions and initiatives for growth, such as Total Care Auto and Clicklane, including the launch of F&I 2.

“With our leading operational efficiency, our diversified revenue streams, our robust cash flow, our strong balance sheet, and our long-term focus on the guest-centric experience, we believe we are well-positioned going into 2023 to achieve our strategic goals.”

Adjusted net income for the fourth quarter 2022 excludes expenses related to a significant acquisition that did not materialize of $2.7 million ($0.09 per diluted share) and gains on dealership divestitures, net, primarily related to the Crown North Carolina stores, of $203 million ($6.92 per diluted share).