Asbury Automotive Group reported third quarter 2024 net income of $126 million ($6.37 per diluted share), a decrease of 25% from $169 million ($8.19 per diluted share) in third quarter 2023. The company reported third quarter 2024 adjusted net income, a non-GAAP measure, of $126 million ($6.35 per diluted share), a decrease of 25% from $168 million ($8.12 per diluted share) in third quarter 2023.

“Against the backdrop of normalizing inventory levels, certain brand challenges and a hurricane, I am proud of the way our team members rose to the challenge,” said David Hult, Asbury’s president and chief executive officer. “We were also pleased with the progress in our Parts & Service operations, and in particular the strength we saw in Customer Pay - the largest and most profitable portion of this business. Our SG&A costs declined sequentially, and we executed against our strategic capital allocation framework, repurchasing nearly 400,000 shares in the quarter.”

Adjusted net income for third quarter 2024 excludes, net of tax, net gain on divestitures of $3 million ($0.14 per diluted share), and losses related to hail damage of $2 million ($0.11 per diluted share).

Adjusted net income for third quarter 2023 excludes, net of tax, a $3 million ($0.13 per diluted share) gain on sale of real estate and $1 million ($0.06 per diluted share) of professional fees related to the acquisition of the Jim Koons Automotive Companies.