Asbury Automotive Group (ABG) Tops Q4 EPS by 19c, Revenues Beat

Asbury Automotive Group (NYSE: ABG) reported Q4 EPS of $2.53, $0.19 better than the analyst estimate of $2.34. Revenue for the quarter came in at $1.89 billion versus the consensus estimate of $1.88 billion.

Fourth Quarter 2019 Operational Summary

Total company:

• Total revenue increased 6%; gross profit increased 7%
• Gross margin increased 10 basis points to 15.9%
• SG&A as a percentage of gross profit increased 10 basis points to 68.3%
• Adjusted operating margin increased 10 basis point to 4.6%
• Adjusted EPS increased 15%

"We delivered a very strong quarter. We grew revenue 6%, increased used unit sales 15%, delivered 8% parts and service gross profit growth, grew F&I gross profit by 8%, and grew adjusted EPS 15%," said David Hult, Asbury's President and Chief Executive Officer. "During the quarter, we signed an agreement to acquire 20 Park Place luxury franchises in the Dallas Fort Worth Market. This acquisition will transform our total portfolio to 50% luxury stores and add approximately $1.9 billion in expected annualized revenues. We believe these acquisitions coupled with our announced divestitures, will strategically make Asbury a stronger company."

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

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