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Asbury Automotive Group Inc (ABG) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Asbury Automotive Group Inc

CIK: 1144980 Ticker: ABG


Exhibit 99.1
companylogoa22.jpg

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

 
ASBURY AUTOMOTIVE GROUP ANNOUNCES
2019 THIRD QUARTER FINANCIAL RESULTS
Record third quarter EPS of $2.33 per diluted share,
up 7% over prior year EPS and up 5% over prior year
adjusted EPS (a non-GAAP measure)


DULUTH, GA, October 22, 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 third quarter 2019 of $45.0 million ($2.33 per diluted share). There were no adjustments in the third quarter. This compares to net income of $44.3 million ($2.18 per diluted share) in the prior year quarter and adjusted net income of $44.9 million ($2.21 per diluted share).
Net income for the third quarter 2018 was adjusted for a 2017 Tax Act adjustment of $0.6 million ($0.03 per diluted share).
“We delivered a very strong quarter. We grew revenue 5%, delivered 9% parts and service gross profit growth, grew F&I gross profit by 10%, and grew adjusted EPS 5%,” said David Hult, Asbury's President and Chief Executive Officer. “During the quarter, we expanded our business by acquiring a Toyota store in Indianapolis and a Subaru store in Denver. We expect these stores to generate approximately $175 million in combined annual revenues.”
Third Quarter 2019 Operational Summary
Total company:
Total revenue increased 5%; gross profit increased 5%
Gross margin increased 10 basis points to 15.9%
SG&A as a percentage of gross profit increased 100 basis points to 68.9%
Adjusted operating margin 4.5%
Adjusted EPS from continuing operations increased 5%
Same store:
Total revenue increased 2%; gross profit increased 3%
Gross margin increased 20 basis points to 16.0%
New vehicle revenue decreased 3%; gross profit decreased 12%
Used vehicle retail revenue increased 9%; gross profit decreased 1%
Finance and insurance revenue and gross profit increased 8%
Parts and service revenue increased 8%; gross profit increased 7%

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The following information was filed by Asbury Automotive Group Inc (ABG) on Tuesday, October 22, 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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Inside Asbury Automotive Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
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
Consolidated Statements Of Shareholders??? Equity
Accounts Receivable
Accounts Receivable (Details)
Accounts Receivable (Tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (Acquisitions - Narrative) (Details)
Acquisitions And Divestitures (Divestitures - Narrative) (Details)
Acquisitions And Divestitures (Purchase Price Allocation) (Details)
Acquisitions And Divestitures (Tables)
Assets And Liabilities Held For Sale
Assets And Liabilities Held For Sale (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
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
Floor Plan Notes Payable (Narrative) (Details)
Floor Plan Notes Payable (Schedule) (Details)
Floor Plan Notes Payable (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Balance Sheets) (Details)
Leases (Cost) (Details)
Leases (Lease Term And Discount Rate) (Details)
Leases (Liabilities) (Details)
Leases (Narrative) (Details)
Leases (Other Information) (Details)
Leases (Tables)
Leases Leases (Minimum Payments) (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Revenue Recognition
Revenue Recognition (Contract Assets) (Details)
Revenue Recognition (Disaggregation Of Revenue) (Details)
Revenue Recognition (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Ticker: ABG
CIK: 1144980
Form Type: 10-Q Quarterly Report
Accession Number: 0001144980-19-000139
Submitted to the SEC: Wed Oct 30 2019 1:24:43 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Retail Auto Dealers And Gasoline Stations

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