Asbury Automotive Group (ABG) Misses Q2 EPS by 11c

Asbury Automotive Group (NYSE: ABG) reported Q2 EPS of $1.58, $0.11 worse than the analyst estimate of $1.69. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.65 billion.

“In a softening automotive retail environment, we are pleased to have increased our same store revenue and gross profit by 2% this quarter compared to the prior year” said Craig Monaghan, Asbury's President and Chief Executive Officer. “Despite market pressures, we believe we can deliver low to mid-single digit EPS growth in the back half of the year.”

“Even though we experienced margin pressure, our ability to drive incremental Used Sales, enhance F&I PVR, and grow Parts and Service enabled us to deliver industry leading operating margins,” said Asbury's Executive Vice President and Chief Operating Officer, David Hult. “Our investments in digital technologies and lead management initiatives are yielding solid results and we will continue to invest in this area in the future.”

For earnings history and earnings-related data on Asbury Automotive Group (ABG) click here.

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