Asbury Automotive Group (ABG) Misses Q3 EPS by 3c

Asbury Automotive Group (NYSE: ABG) reported Q3 EPS of $1.48, $0.03 worse than the analyst estimate of $1.51.

During the quarter, we had two non-recurring events that negatively impacted our results. First, our dealerships in Florida, Georgia, and Houston, Texas had various levels of business interruption due to Hurricanes Irma and Harvey. We believe the net impact of the hurricanes was a reduction in earnings of at least $0.10 per diluted share. Second, the CEO transition announced in August resulted in an accounting charge of $0.05 per diluted share. We did not adjust our earnings for the above events.

"Our team did an outstanding job managing through the tragic storms that we experienced this quarter. Due to their efforts we were able to limit the storms\' impact on our business,\" said Craig Monaghan, Asbury's President and Chief Executive Officer.

"Despite the hurricanes, we were able to grow our F&I and parts and service business," said Asbury's Executive Vice President and Chief Operating Officer, David Hult. "This together with strong expense control helped us improve our industry-leading operating margin to 4.4% for the quarter."

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

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