Asbury Automotive Marks Revenue Record

By Staff Writer February 02, 2025

Asbury Automotive Group, one of the largest auto retail and service companies in the U.S., reported fourth quarter 2024 net income of $129 million ($6.54 per diluted share), an increase of 132% from $56 million ($2.70 per diluted share) in fourth quarter 2023. The Company reported fourth quarter 2024 adjusted net income, a non-GAAP measure, of $143 million ($7.26 per diluted share), a decrease of 2% from $146 million ($7.12 per diluted share) in fourth quarter 2023.

“Asbury delivered strong fourth quarter results, setting records for total revenue, and growing our Parts & Service gross profit by double digits,” said David Hult, Asbury’s President and Chief Executive Officer. “Our results also showcased our commitment to operating the business efficiently, delivering lower SG&A costs as a percent of gross profit for the second quarter in a row.”

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see “Non-GAAP Financial Disclosure and Reconciliation, Same Store Data and Other Data” and the reconciliations for non-GAAP metrics used herein.

Adjusted net income for fourth quarter 2024 excludes, net of tax, $11 million of non-cash asset impairments ($0.55 per diluted share), $5 million in losses related to Hurricane Milton ($0.25 per diluted share), and $1 million related to proceeds from the termination of a franchise ($0.07 per diluted share).

Adjusted net income for fourth quarter 2023 excludes, net of tax, $88 million ($4.29 per diluted share) of non-cash asset impairments, $1 million ($0.04 per diluted share) of non-cash fixed asset write-offs, and $2 million ($0.09 per diluted share) of professional fees related to the acquisition of the Jim Koons Automotive Companies.

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Last modified on Friday, 07 February 2025 12:25