Record first quarter EPS of $2.11 per diluted share,
up 9% over prior year EPS
Record first quarter adjusted EPS of $2.20 per diluted share
(a non-GAAP measure), up 14% over prior year EPS
DULUTH, GA, April 23, 2019 - Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the first quarter 2019 of $40.9 million ($2.11 per diluted share) and adjusted net income (a non-GAAP measure) of $42.7 million ($2.20 per diluted share). This compares to net income of $40.1 million ($1.93 per diluted share) in the prior year quarter. Net income for the first quarter 2019 was adjusted for a fixed assets write-off of $2.4 million pre-tax ($0.09 per diluted share). There were no non-core adjustments in the first quarter of 2018.
“In a lower SAAR environment, we grew revenue 4%, delivered 8% parts and service gross profit growth, improved our SG&A as a percentage of gross profit 100 basis points, and grew adjusted EPS 14%,” said David Hult, Asbury's President and Chief Executive Officer. “We also continued with our balanced approach to capital allocation, acquiring 4 dealerships, repurchasing $7 million of our common stock, and investing $9 million in our dealerships.”
First Quarter 2019 Operational Summary
Total revenue increased 4%; gross profit increased 5%
Gross margin increased 20 basis points to 16.7%
SG&A as a percentage of gross profit decreased 100 basis points to 68.4%
Adjusted income from operations increased 10%
Adjusted operating margin increased 30 basis points to 4.8%
Adjusted EPS from continuing operations increased 14%
Total revenue increased 1%; gross profit increased 2%
New vehicle revenue decreased 1%; gross profit decreased 5%
Used vehicle retail revenue increased 2%; gross profit decreased 1%
The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, April 23, 2019 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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Form Type: 10-Q Quarterly Report Accession Number: 0001144980-19-000093 Submitted to the SEC: Tue May 07 2019 3:37:35 PM EST Accepted by the SEC: Wed May 08 2019 Period: Sunday, March 31, 2019 Industry: Retail Auto Dealers And Gasoline Stations