Asbury Automotive (ABG) Tops Q2 EPS by 8c; Sees Q3 Impact from Japan
Asbury Automotive (NYSE: ABG) reported Q2 EPS of $0.51, $0.08 better than the analyst estimate of $0.43. Revenue for the quarter came in at $1.09 billion versus the consensus estimate of $1.14 billion.
Commenting on the Japanese supply challenges, Michael S. Kearney, Asbury's Executive Vice President and Chief Operating Officer stated, "We are encouraged by the speed and efficiency with which our Japanese manufacturing partners are restoring production capacity, and admire their dedication. Our Japanese dealerships are experiencing the impact of inventory shortages; we anticipate that our affected inventories will bottom-out in July or August. We believe our third quarter earnings could be adversely impacted in the range of $0.05-0.10 per diluted share as a result of disruptions in the market..."
Commenting on the Japanese supply challenges, Michael S. Kearney, Asbury's Executive Vice President and Chief Operating Officer stated, "We are encouraged by the speed and efficiency with which our Japanese manufacturing partners are restoring production capacity, and admire their dedication. Our Japanese dealerships are experiencing the impact of inventory shortages; we anticipate that our affected inventories will bottom-out in July or August. We believe our third quarter earnings could be adversely impacted in the range of $0.05-0.10 per diluted share as a result of disruptions in the market..."