We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you accept our Privacy Policy and Terms of Service, revised from time to time, and you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Asbury Q3 Earnings Miss Expectations, Revenues Rise Y/Y
Read MoreHide Full Article
Asbury Automotive (ABG - Free Report) reported third-quarter 2024 adjusted earnings of $6.35 per share, which decreased 21.8% year over year and missed the Zacks Consensus Estimate of $6.65. In the reported quarter, revenues amounted to $4.24 billion, which increased 16% year over year but missed the Zacks Consensus Estimate of $4.36 billion.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Asbury Automotive Group, Inc. Price, Consensus and EPS Surprise
In the quarter, new vehicle revenues rose 16% year over year to $2.16 billion, missing the Zacks Consensus Estimate of $2.21 billion. The underperformance could be attributed to lower-than-expected units sold. Retail units sold in the segment amounted to 42,607 (up 16% year over year), which missed the consensus mark of 44,380 units. New vehicles average selling price (ASP) was $50,778 (remained flat year over year), which surpassed the consensus mark of $49,089. Gross profit from the segment came in at $150.4 million, decreasing 11% from the prior-year quarter but surpassing the Zacks Consensus Estimate of $146 million.
Used-vehicle retail revenues rose 13% from the year-ago figure to $1.15 billion, which missed the Zacks Consensus Estimate of $1.16 billion. Retail used vehicle units sold in the quarter totaled 37,347 (up 16% year over year), missing the consensus mark of 40,884 units. Retail used vehicle ASP was $30,751 (down 3% year over year), beating the Zacks Consensus Estimate of $30,473. Gross profit from the segment came in at $56.1 million (down 6% year over year) and missed the Zacks Consensus Estimate of $58 million.
Revenues from used vehicle wholesale business jumped 54% to $146.2 million but missed the consensus mark of $149 million. Gross profit from the unit rose 45% to $3.3 million but missed the consensus mark of $4.27 million.
Net revenues from the finance and insurance business amounted to $185.4 million, up 12% from the year-ago quarter. The metric, however, missed the Zacks Consensus Estimate of $196 million. Gross profit was $171.2 million, which rose 13% year over year but missed the Zacks Consensus Estimate of $172 million.
Revenues from the parts and service business rose 13% from the prior-year quarter to $593.1 million but missed the Zacks Consensus Estimate of $637 million. Gross profit from this segment came in at $337.1 million, which rose 16% year over year. However, it missed the Zacks Consensus Estimate of $366 million.
Other Tidbits
Selling, general & administrative expenses as a percentage of gross profit rose to 65%, which marked an increase of 680 basis points year over year.
As of Sept. 30, 2024, the company had cash and cash equivalents of $60.3 million, up from $45.7 million as of Dec. 31, 2023. It had a long-term debt of $3.38 billion as of Sept. 30, 2024, up from $3.2 billion as of Dec. 31, 2023.
During the quarter under review, ABG repurchased 394,000 shares for $89 million. As of Oct. 28, 2024, ABG had $276 million remaining under its share repurchase authorization.
Peer Releases
Lithia Motors, Inc. (LAD - Free Report) reported third-quarter 2024 earnings of $8.21 per share, beating the Zacks Consensus Estimate of $7.59 per share. This compares to earnings of $9.25 per share a year ago. LAD posted revenues of $9.2 billion for the quarter ended September 2024, which missed the Zacks Consensus Estimate of $9.4 billion and increased 11.4% year over year.
AutoNation (AN - Free Report) reported third-quarter 2024 earnings of $4.02 per share, missing the Zacks Consensus Estimate of $4.48 per share, declining 27% year over year. AN posted revenues of $6.59 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate of $6.73 billion. This compares to year-ago revenues of $6.89 billion.
Penske Automotive Group, Inc. (PAG - Free Report) came out with quarterly earnings of $3.36 per share, which missed the Zacks Consensus Estimate of $3.48 per share and declined 13.8% year over year. PAG posted revenues of $7.59 billion for the quarter ended September 2024, which missed the Zacks Consensus Estimate of $7.77 billion and rose 2% year over year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Asbury Q3 Earnings Miss Expectations, Revenues Rise Y/Y
Asbury Automotive (ABG - Free Report) reported third-quarter 2024 adjusted earnings of $6.35 per share, which decreased 21.8% year over year and missed the Zacks Consensus Estimate of $6.65. In the reported quarter, revenues amounted to $4.24 billion, which increased 16% year over year but missed the Zacks Consensus Estimate of $4.36 billion.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Asbury Automotive Group, Inc. Price, Consensus and EPS Surprise
Asbury Automotive Group, Inc. price-consensus-eps-surprise-chart | Asbury Automotive Group, Inc. Quote
Segment Details
In the quarter, new vehicle revenues rose 16% year over year to $2.16 billion, missing the Zacks Consensus Estimate of $2.21 billion. The underperformance could be attributed to lower-than-expected units sold. Retail units sold in the segment amounted to 42,607 (up 16% year over year), which missed the consensus mark of 44,380 units. New vehicles average selling price (ASP) was $50,778 (remained flat year over year), which surpassed the consensus mark of $49,089. Gross profit from the segment came in at $150.4 million, decreasing 11% from the prior-year quarter but surpassing the Zacks Consensus Estimate of $146 million.
Used-vehicle retail revenues rose 13% from the year-ago figure to $1.15 billion, which missed the Zacks Consensus Estimate of $1.16 billion. Retail used vehicle units sold in the quarter totaled 37,347 (up 16% year over year), missing the consensus mark of 40,884 units. Retail used vehicle ASP was $30,751 (down 3% year over year), beating the Zacks Consensus Estimate of $30,473. Gross profit from the segment came in at $56.1 million (down 6% year over year) and missed the Zacks Consensus Estimate of $58 million.
Revenues from used vehicle wholesale business jumped 54% to $146.2 million but missed the consensus mark of $149 million. Gross profit from the unit rose 45% to $3.3 million but missed the consensus mark of $4.27 million.
Net revenues from the finance and insurance business amounted to $185.4 million, up 12% from the year-ago quarter. The metric, however, missed the Zacks Consensus Estimate of $196 million. Gross profit was $171.2 million, which rose 13% year over year but missed the Zacks Consensus Estimate of $172 million.
Revenues from the parts and service business rose 13% from the prior-year quarter to $593.1 million but missed the Zacks Consensus Estimate of $637 million. Gross profit from this segment came in at $337.1 million, which rose 16% year over year. However, it missed the Zacks Consensus Estimate of $366 million.
Other Tidbits
Selling, general & administrative expenses as a percentage of gross profit rose to 65%, which marked an increase of 680 basis points year over year.
As of Sept. 30, 2024, the company had cash and cash equivalents of $60.3 million, up from $45.7 million as of Dec. 31, 2023. It had a long-term debt of $3.38 billion as of Sept. 30, 2024, up from $3.2 billion as of Dec. 31, 2023.
During the quarter under review, ABG repurchased 394,000 shares for $89 million. As of Oct. 28, 2024, ABG had $276 million remaining under its share repurchase authorization.
Peer Releases
Lithia Motors, Inc. (LAD - Free Report) reported third-quarter 2024 earnings of $8.21 per share, beating the Zacks Consensus Estimate of $7.59 per share. This compares to earnings of $9.25 per share a year ago. LAD posted revenues of $9.2 billion for the quarter ended September 2024, which missed the Zacks Consensus Estimate of $9.4 billion and increased 11.4% year over year.
AutoNation (AN - Free Report) reported third-quarter 2024 earnings of $4.02 per share, missing the Zacks Consensus Estimate of $4.48 per share, declining 27% year over year. AN posted revenues of $6.59 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate of $6.73 billion. This compares to year-ago revenues of $6.89 billion.
Penske Automotive Group, Inc. (PAG - Free Report) came out with quarterly earnings of $3.36 per share, which missed the Zacks Consensus Estimate of $3.48 per share and declined 13.8% year over year. PAG posted revenues of $7.59 billion for the quarter ended September 2024, which missed the Zacks Consensus Estimate of $7.77 billion and rose 2% year over year.