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Asbury Automotive Group Inc (ABG) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Asbury Automotive Group Inc

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CIK: 1144980 Ticker: ABG


Exhibit 99.1
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Investors & Reporters May Contact:
Matt Pettoni
VP & Treasurer
(770) 418-8219
ir@asburyauto.com


 
ASBURY AUTOMOTIVE GROUP ANNOUNCES
2017 FOURTH QUARTER AND FULL-YEAR FINANCIAL RESULTS
Fourth quarter EPS of $2.03 per diluted share and
full year EPS of $6.62 per diluted share
Record fourth quarter adjusted EPS of $1.81 per diluted share
(a non-GAAP measure), up 16% over adjusted prior year EPS
Record full year 2017 adjusted EPS of $6.43 per diluted share
(a non-GAAP measure), up 6% over adjusted prior year EPS

DULUTH, GA, February 6, 2018 - Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the fourth quarter 2017 of $42.5 million ($2.03 per diluted share) compared to $67.1 million ($3.08 per diluted share) in the prior year quarter. It also reported adjusted net income (a non-GAAP measure) for the fourth quarter 2017 of $37.8 million ($1.81 per diluted share) compared to $34.0 million ($1.56 per diluted share) in the prior year quarter, a 16% increase in adjusted earnings per share.
Net income for the fourth quarter 2017 was adjusted for a $5.1 million pre-tax loss for franchise rights impairments ($0.15 per diluted share) and a $7.9 million benefit ($0.37 per diluted share) related to adjustments to deferred tax balances as a result of recent changes to the tax law. Net income for the fourth quarter 2016 was adjusted for a $45.5 million pre-tax gain on divestitures ($1.30 per diluted share); $6.6 million pre-tax legal settlements benefit ($0.19 per diluted share); $0.5 million pre-tax real estate related impairment charges ($0.01 per diluted share); and $0.9 million benefit from discrete tax items ($0.04 per diluted share).
As a result of recent changes to the tax law, we expect our effective tax rate to be between 25% and 26% in 2018, which is down from our prior guidance of approximately 38%.
“We closed out 2017 with a strong performance delivering 16% adjusted EPS growth in the quarter,” said David Hult, Asbury's President and Chief Executive Officer. “During 2017, in a declining SAAR environment, we expanded our dealership footprint, returned approximately $35 million of capital to our shareholders, maintained our industry leading operating margins, and grew adjusted EPS 6%. This performance is a direct result of our

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The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, February 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Asbury Automotive Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Shareholders??? Equity
Consolidated Statements Of Shareholders??? Equity (parenthetical)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (details)
Accounts Payable And Accrued Liabilities (tables)
Accounts Receivable
Accounts Receivable (details)
Accounts Receivable Accounts Receivable (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (acquisitions- Narrative) (details)
Acquisitions And Divestitures (divestitures- Narrative) (details)
Acquisitions And Divestitures (schedule Of Business Acquisitions) (details)
Acquisitions And Divestitures (tables)
Assets Held For Sale
Assets Held For Sale (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Condensed Quarterly Revenues And Earnings (unaudited)
Condensed Quarterly Revenues And Earnings (unaudited) (details)
Condensed Quarterly Revenues And Earnings (unaudited) (tables)
Description Of Business
Description Of Business (details)
Financial Instruments And Fair Value
Financial Instruments And Fair Value (narrative) (details)
Financial Instruments And Fair Value (tables)
Financial Instruments And Fair Value (schedule Of Derivative Instruments Effect On The Consolidated Income Statement, Including Accumulated Other Comprehensive Income) (details)
Financial Instruments And Fair Value (schedule Of Fair Value Of Interest Rate Swaps) (details)
Financial Instruments And Fair Value (summary Of Carrying Values And Fair Values Of Debt) (details)
Floor Plan Notes Payable???non-trade
Floor Plan Notes Payable???non-trade (consist Of) (details)
Floor Plan Notes Payable???non-trade (narrative) (details)
Floor Plan Notes Payable???non-trade (tables)
Floor Plan Notes Payable???trade
Floor Plan Notes Payable???trade (details)
Floor Plan Notes Payable???trade (tables)
Goodwill And Intangible Franchise Rights
Goodwill And Intangible Franchise Rights (franchise Rights) (details)
Goodwill And Intangible Franchise Rights (goodwill) (details)
Goodwill And Intangible Franchise Rights (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Components Of Income Tax Expense) (details)
Income Taxes (schedule Of Deferred Income Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Lease Obligations
Lease Obligations (narrative) (details)
Lease Obligations (schedule Of Minimum Lease Payments) (details)
Lease Obligations (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Aggregate Maturities Of Long-term Debt) (details)
Long-term Debt (schedule Of Long-term Debt) (details)
Long-term Debt (schedule Of Mortgage Notes Payable) (details)
Long-term Debt (tables)
Other Current Assets
Other Current Assets (details)
Other Current Assets (tables)
Other Long-term Liabilities
Other Long-term Liabilities (details)
Other Long-term Liabilities (tables)
Property And Equipment, Net
Property And Equipment, Net (narrative) (details)
Property And Equipment, Net (schedule Of Property And Equipment, Net) (details)
Property And Equipment, Net (tables)
Share-based Compensation And Employee Benefit Plans
Share-based Compensation And Employee Benefit Plans (employee Benefit Plans) (details)
Share-based Compensation And Employee Benefit Plans (schedule Of Performance Share Units) (details)
Share-based Compensation And Employee Benefit Plans (schedule Of Restricted Stock) (details)
Share-based Compensation And Employee Benefit Plans (share-based Compensation) (details)
Share-based Compensation And Employee Benefit Plans (tables)
Subsequent Events
Subsequent Events (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Property And Equipment Useful Lives) (details)
Summary Of Significant Accounting Policies (schedule Of Revenues By Major Brand) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (narrative) (details)
Supplemental Cash Flow Information (schedule Of Other Adjustments To Reconcile Net Income To Cash Flow From Operating Activities) (details) (details)
Supplemental Cash Flow Information (tables)
Ticker: ABG
CIK: 1144980
Form Type: 10-K Annual Report
Accession Number: 0001144980-18-000053
Submitted to the SEC: Tue Feb 27 2018 5:25:48 PM EST
Accepted by the SEC: Tue Feb 27 2018
Period: Sunday, December 31, 2017
Industry: Retail Auto Dealers And Gasoline Stations

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