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Asbury Automotive Group Inc (ABG) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Asbury Automotive Group Inc

CIK: 1144980 Ticker: ABG


Exhibit 99.1
companylogoa18.jpg

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

 
ASBURY AUTOMOTIVE GROUP ANNOUNCES
2018 THIRD QUARTER FINANCIAL RESULTS
Record third quarter EPS of $2.18 per diluted share,
up 47% over prior year EPS

Record third quarter adjusted EPS of $2.21 per diluted share
(a non-GAAP measure), up 49% over prior year adjusted EPS

DULUTH, GA, October 23, 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 third quarter 2018 of $44.3 million ($2.18 per diluted share) and adjusted net income (a non-GAAP measure) of $44.9 million ($2.21 per diluted share). This compares to net income of $30.7 million ($1.48 per diluted share) in the prior year quarter. Net income for the third quarter 2018 was adjusted $0.6 million
($0.03 per diluted share) as a result of a discrete tax item associated with the Tax Cuts and Jobs Act from December 2017.
On January 1, 2018, the company adopted ASC 606 for revenue recognition which impacted F&I and parts and service revenue and gross profit. The net impact of adopting ASC 606 in the third quarter was to increase net income by $0.2 million or $0.01 per diluted share.
As a result of tax legislation passed in December 2017, the tax rate in the third quarter of 2018 was 25% compared to 39% in the third quarter of 2017.
“In a slightly declining SAAR environment, we grew revenue 10% and operating profit 16%, thanks to the team’s hard work and dedication,” said David Hult, Asbury's President and Chief Executive Officer. “This, coupled with the benefit of tax reform, led to the achievement of 49% adjusted EPS growth.  In addition, from January 1, 2018 through October 22, we have repurchased approximately 7% of our company’s stock and invested $70 million in strategic acquisitions.”





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The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, October 23, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Accounts Receivable
Accounts Receivable (Details)
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Acquisitions (Narrative) (Details)
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Acquisitions (Tables)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (Details)
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Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Financial Instruments And Fair Value
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)
Financial Instruments And Fair Value Financial Instruments And Fair Value (Narrative) (Details)
Financial Instruments And Fair Value Financial Instruments And Fair Value (Tables)
Floor Plan Notes Payable
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Long-Term Debt
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Long-Term Debt (Tables)
Revenue Recognition
Revenue Recognition (Contract Assets) (Details)
Revenue Recognition (Disaggregation Of Revenue) (Details)
Revenue Recognition (Financial Statement Impact Of Adopting Asc 606) (Details)
Revenue Recognition (Impact Of New Revenue Guidance) (Details)
Revenue Recognition (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)

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Asbury Automotive Group Inc provided additional information to their SEC Filing as exhibits

Ticker: ABG
CIK: 1144980
Form Type: 10-Q Quarterly Report
Accession Number: 0001144980-18-000128
Submitted to the SEC: Wed Oct 24 2018 5:12:53 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Retail Auto Dealers And Gasoline Stations

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