
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.