Asbury Automotive Group (ABG) came out with quarterly earnings of $7.21 per share, missing the Zacks Consensus Estimate of $7.78 per share. This compares to earnings of $8.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.33%. A quarter ago, it was expected that this auto dealership chain would post earnings of $7.74 per share when it actually produced earnings of $7.12, delivering a surprise of -8.01%.Over the last four q ...

Exhibit 99.1 Investors & Reporters May Contact: Joe Sorice Manager, Investor Relations (770) 418-8211 ir@asburyauto.com Asbury Automotive Group Reports Record $4.2 Billion in Revenue • Operating margin of 6.3% • EPS of $7.21 per diluted share • Parts and service revenue growth of 15%; parts and service gross profit growth of 18% • Repurchased approximately 240,000 shares for $50 million DULUTH, GA. (April 25, 2024) — Asbury Automotive Group, Inc. (NYSE: ABG) (the “Company”), one of the largest automotive re ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Asbury Automotive Group (ABG) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on Apr ...

WILMINGTON, Del.--(BUSINESS WIRE)--The Presidio Group LLC (“Presidio”), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised Asbury Automotive Group, Inc. of Duluth, Ga., on the sale of a Lexus dealership in Wilmington, Del., to MileOne Autogroup of Towson, Md. The transaction, which was finalized March 4, included Koons Wilmington Lexus and its real estate. Asbury had acquired ...

Financial Performance - Total revenue for 2023 was $14,802.7 million, a decrease of 4.1% from $15,433.8 million in 2022[358]. - New vehicle revenue increased to $7,630.7 million, up from $7,365.6 million in 2022, representing a growth of 3.6%[358]. - Used vehicle revenue decreased to $4,414.3 million, down 15.1% from $5,197.1 million in 2022[358]. - Gross profit for 2023 was $2,755.8 million, a decline of 11.1% compared to $3,100.6 million in 2022[358]. - Net income for 2023 was $602.5 million, a decrease of 39.7% from $997.3 million in 2022[358]. - Earnings per diluted share for 2023 was $28.74, down from $44.61 in 2022, reflecting a decline of 35.7%[358]. - The company reported a comprehensive income of $589.1 million for 2023, down from $1,072.2 million in 2022[361]. Assets and Liabilities - Total current assets increased to $3,057.1 million, up from $1,909.8 million in 2022, marking a growth of 60.0%[354]. - Total liabilities increased to $6,915.3 million, compared to $5,117.2 million in 2022, an increase of 35.1%[354]. - Shareholders' equity rose to $3,244.1 million, up from $2,903.5 million in 2022, representing a growth of 11.7%[354]. - Total accounts receivable was $228.6 million, up from $174.1 million in 2022, reflecting an increase of approximately 31.3%[449]. - Total inventories as of December 31, 2023, amounted to $1,768.3 million, a significant rise from $959.2 million in 2022, representing an increase of approximately 84.5%[450]. - As of December 31, 2023, total assets held for sale were valued at $342.2 million, compared to $29.1 million in 2022, indicating a substantial increase[453]. Debt and Financing - As of December 31, 2023, the company had total debt of $3.23 billion, excluding floor plan notes payable and certain debt issuance costs[420]. - The company has substantial debt service obligations, which include required cash payments of principal and interest for the foreseeable future[420]. - The company entered into a 2023 Senior Credit Facility providing a $500.0 million revolving credit facility and a $1.93 billion new vehicle revolving floorplan facility[480]. - The 2023 Senior Credit Facility matures on October 20, 2028, with all amounts outstanding due at that time[485]. - Total outstanding long-term debt as of December 31, 2023, is $3,121.2 million, a decrease from $3,216.8 million in 2022, reflecting a reduction of approximately 2.95%[14]. - The aggregate maturities of long-term debt for 2024 amount to $85.7 million, with total maturities reaching $3,230.1 million as of December 31, 2023[495]. Acquisitions and Impairments - The company completed the acquisition of the Jim Koons Dealerships for approximately $1.50 billion, funded by borrowings and cash on hand[373]. - The company recorded impairment charges of $73.1 million related to manufacturer franchise rights during the year ended December 31, 2023, with an aggregate carrying value of approximately $2,095.8 million[339]. - Goodwill associated with acquisitions is tested for impairment annually, with the fair value of manufacturer franchise rights determined by discounting projected cash flows[392][394]. - Goodwill recognized from the Koons acquisition was $231.7 million, primarily due to anticipated synergies and the acquired workforce[436]. - The company recorded a $1.1 million impairment charge related to construction in progress during the year ended December 31, 2023[390]. Cash Flow and Investments - Net cash provided by operating activities decreased to $313.0 million in 2023 from $696.0 million in 2022 and $1,163.7 million in 2021[366]. - Net cash used in investing activities was $(1,678.4) million in 2023, a significant decrease from $464.7 million in 2022[366]. - The company had total investments of $332.9 million as of December 31, 2023[419]. - The company recorded gross gains of $3.7 million and gross losses of $0.9 million from equity securities for the year ended December 31, 2023[460]. Operational Highlights - The company operates 208 new vehicle franchises and 37 collision centers across 16 states[372]. - Seasonal variations affect operating results, with higher demand for new vehicles typically in the second, third, and fourth quarters[374]. - The company maintains a reserve for used vehicle inventory where cost basis exceeds net realizable value, considering factors such as aging, historical sales experience, and current market conditions[385]. Shareholder Activities - The company issued 128,563 shares of common stock in connection with share-based payment arrangements during the year ended December 31, 2023[364]. - The company repurchased 1,316,167 shares of common stock during the year ended December 31, 2023, under its share repurchase program[412]. - Share-based compensation for the year ended December 31, 2023, amounted to $23.5 million, compared to $20.6 million in 2021, reflecting an increase of approximately 14.0%[364]. Regulatory and Compliance - The company’s internal control over financial reporting was deemed effective as of December 31, 2023, based on the COSO criteria[345]. - The company is subject to operating and financial restrictions in its leases and debt instruments, which may impact its ability to incur additional indebtedness[421]. - The company is evaluating the impact of recent accounting pronouncements on its consolidated financial statements, including ASU 2023-09 and ASU 2023-07[424][425].

Core Insights - Asbury Automotive Group (ABG) reported adjusted earnings of $7.12 per share for Q4 2023, a decrease of 21.9% year over year, missing the Zacks Consensus Estimate of $7.74 due to lower-than-expected sales in used-vehicle and parts and service segments [1] - Total revenues for the quarter were $3.81 billion, reflecting a 3% year-over-year increase and surpassing the Zacks Consensus Estimate of $3.77 billion [1] Segment Details - New-vehicle revenues increased by 11% year over year to $2.06 billion, exceeding the Zacks Consensus Estimate of $1.96 billion, while gross profit from this segment was $171 million, down 13.6% from the prior year but above the estimate of $161 million [2] - Used-vehicle revenues fell by 7% year over year to $1.07 billion, missing the Zacks Consensus Estimate of $1.09 billion, with gross profit at $54 million, a decline of 20.6% and below the estimate of $62 million [2] - Finance and insurance business net revenues were $171.2 million, down 10% year over year but exceeding the Zacks Consensus Estimate of $157 million, with gross profit rising 5.8% year over year to $163 million, surpassing the estimate of $153 million [2] - Parts and service revenues decreased by 1% year over year to $513.4 million, missing the Zacks Consensus Estimate of $556 million, with gross profit falling 2.1% to $285 million, also below the estimate of $301 million [3] Other Financial Metrics - Adjusted selling, general & administrative expenses as a percentage of gross profit rose to 61.5%, an increase of 442 basis points year over year [4] - As of December 31, 2023, the company had cash and cash equivalents of $45.7 million, down from $235.3 million a year earlier, and long-term debt decreased to $3.21 billion from $3.3 billion [4] - During the quarter, Asbury repurchased 246,000 shares for $47 million, with $203 million remaining under its share repurchase authorization as of December 31, 2023 [4] Market Position - ABG currently holds a Zacks Rank 3 (Hold) [5] - Competitors in the auto space include Modine Manufacturing Company (Zacks Rank 1), NIO Inc. (Zacks Rank 2), and Oshkosh Corporation (Zacks Rank 2) [5] - The Zacks Consensus Estimate for Modine's 2024 sales and earnings suggests year-over-year growth of 4% and 67.2%, respectively [5] - NIO's 2023 sales are expected to grow by 10.4% year over year, with EPS estimates for 2024 improving by 7 cents [5] - Oshkosh's 2024 sales and earnings estimates suggest year-over-year growth of 6.7% and 4%, respectively, with EPS estimates improving by 16 cents and 29 cents for 2024 and 2025 [5]

Financial Data and Key Metrics Changes - For the full year of 2023, the company reported revenue of $14.8 billion with a gross profit margin of 18.6% and an adjusted operating margin of 7.3% [8] - Adjusted earnings per share (EPS) was $32.60, and adjusted EBITDA exceeded $1.1 billion [8] - The company generated adjusted net income of $146 million for Q4 2023, with an adjusted EPS of $7.12 [17] Business Line Data and Key Metrics Changes - Same-store new vehicle revenue grew by 10% in Q4 and 7% for the year, with new units volume increasing by 7% in Q4 and 3% overall [12] - Used retail revenue decreased by 12% for the quarter and full year, with unit volume down 10% in both periods [13] - Parts and Service revenue was $499 million, consistent with the prior year, and gross profit margin was 55.6% [15] - Clicklane reported a 32% growth in total retail units year-over-year, with new vehicle penetration increasing to 51% of total Clicklane units in Q4 [16] Market Data and Key Metrics Changes - The same-store new vehicle day supply was 43 days at the end of December, an increase of 7 days from September [11] - The company anticipates challenges in acquiring preowned vehicles in 2024 due to a limited pool of lease and rental fleets [13] Company Strategy and Development Direction - The company aims for disciplined capital allocation and plans to continue seeking acquisitions of high-quality operators in markets with strong demographics [9][10] - The strategic vision includes achieving $30 billion or greater in revenue, adapting to macro factors while maintaining a focus on growth [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong January performance and a commitment to improving guest experience through technology integration [30] - The company expects 2024 to be impacted by deferred revenue headwinds from TCA, with pretax income anticipated to decrease [18] Other Important Information - The company repurchased 1.3 million shares for $258 million and ended the quarter with $460 million in liquidity [8][20] - The pro forma adjusted net leverage was 2.5x at the end of December, with a target to reduce it to approximately 2x by the end of 2024 [21] Q&A Session Summary Question: Long-term targets and Clicklane progress - Management acknowledged the challenges in Clicklane's growth but remains optimistic about its future contribution as consumer adoption increases [24][25] Question: Parts and Service performance expectations - Management indicated that improvements in Parts and Service are expected in Q1, driven by technology integration and training efforts [28][30] Question: Used vehicle inventory dynamics - Management noted a conservative approach to acquiring used vehicle inventory, emphasizing the need for a more aggressive stance moving forward [35][36] Question: SG&A performance and drivers - Management attributed the slight increase in SG&A to higher advertising costs and loaner vehicle expenses, with expectations for improvement in 2024 [37][39] Question: New vehicle GPU and OEM dynamics - Management reported that new vehicle gross profit margins varied by brand, with expectations for normalization in 2024 [41][43] Question: Tekion DMS platform benefits - Management highlighted the efficiencies expected from the Tekion platform, which will reduce the need for multiple software applications and improve customer experience [45][50] Question: Franchise and goodwill impairments - Impairments were primarily related to Stellantis and Nissan stores due to increased WACC from rising interest rates [68] Question: Debt profile and M&A strategy - Management clarified that cash flow generation allows for M&A and share buybacks, with plans to refinance existing debt rather than accumulate more [70][72]

For the quarter ended December 2023, Asbury Automotive Group (ABG) reported revenue of $3.81 billion, up 2.9% over the same period last year. EPS came in at $7.12, compared to $9.12 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.77 billion, representing a surprise of +1.20%. The company delivered an EPS surprise of -8.01%, with the consensus EPS estimate being $7.74.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

Asbury Automotive Group (ABG) came out with quarterly earnings of $7.12 per share, missing the Zacks Consensus Estimate of $7.74 per share. This compares to earnings of $9.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -8.01%. A quarter ago, it was expected that this auto dealership chain would post earnings of $8.44 per share when it actually produced earnings of $8.12, delivering a surprise of -3.79%.Over the last four q ...

Core Insights - Asbury Automotive Group reported a significant decline in net income for Q4 2023, with net income of $56 million ($2.70 per diluted share), down 89% from $353 million ($15.95 per diluted share) in Q4 2022 [1] - The decrease in net income was attributed to non-cash asset impairments of $117.2 million or $4.29 per diluted share in Q4 2023, compared to gains on dealership divestitures of $203 million or $6.92 per diluted share in Q4 2022 [1][3] - Adjusted net income for Q4 2023 was $146 million ($7.12 per diluted share), a 28% decrease from $202 million ($9.12 per diluted share) in Q4 2022 [1] Financial Performance - Total revenue for Q4 2023 was $3.8 billion, an increase of 3% year-over-year, while gross profit decreased by 9% to $673 million [5] - The gross margin decreased by 226 basis points to 17.7% in Q4 2023 [5] - New vehicle unit volume increased by 8%, with new vehicle revenue rising by 11%, but new vehicle gross profit decreased by 14% [5] - Used vehicle retail unit volume and revenue both decreased by 11%, with used vehicle retail gross profit down by 21% [5] - Finance and insurance (F&I) per vehicle retailed decreased by 11% to $2,304 [5] Operational Highlights - The company completed 16 divestitures in 2022, contributing $683 million in revenue for the year [1] - The integration of acquired businesses and the rollout of technology initiatives were emphasized as key strategies for future growth [2][3] - The company reported a total adjusted EBITDA of $1.1 billion for the full year 2023, a decrease of 15% from the prior year [8] Shareholder Returns - Asbury repurchased approximately 246,000 shares for $47 million during Q4 2023, totaling 1.3 million shares for $258 million for the full year [10] - As of December 31, 2023, the company had $203 million remaining on its share repurchase authorization [10] Liquidity and Leverage - As of December 31, 2023, the company had total liquidity of $460 million, including cash and availability under the revolver [9] - The adjusted net leverage ratio was reported at 2.5x at the end of the quarter [9]