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ABG — Asbury Automotive News Story

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Auto dealer Asbury Automotive's Q3 revenue misses estimates, but profit beats

Overview

Asbury Automotive Q3 revenue grows 13% yr/yr but misses analyst expectations

Adjusted EPS for Q3 beats consensus, rising 13% to $7.17

Company repurchased 220,500 shares for $50 mln in Q3

Outlook

Company did not provide specific future financial guidance

Result Drivers

NEW VEHICLE SALES - New vehicle revenue increased by 17%, contributing significantly to overall revenue growth

PARTS AND SERVICE - Parts and service revenue grew by 11%, with a 15% increase in gross profit, supporting overall profitability

TEKION AND CHAMBERS INTEGRATION - Expansion of Tekion and integration of Chambers group were strategic moves in growth strategy, per CEO David Hult

Key Details

MetricBeat/MissActualConsensus Estimate
Q3 RevenueMiss$4.80 bln$4.84 bln (7 Analysts)
Q3 Adjusted EPSBeat$7.17$6.81 (8 Analysts)
Q3 EPS$7.52
Analyst Coverage The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell" The average consensus recommendation for the auto vehicles, parts & service retailers peer group is "buy." Wall Street's median 12-month price target for Asbury Automotive Group Inc is $250.00, about 6.3% above its October 27 closing price of $234.33 The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com. (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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