Asbury Automotive Group(ABG)

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Asbury Automotive (ABG) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Zacks Investment Research· 2024-04-25 14:36
Asbury Automotive Group (ABG) reported $4.2 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 17.3%. EPS of $7.21 for the same period compares to $8.37 a year ago.The reported revenue represents a surprise of -1.56% over the Zacks Consensus Estimate of $4.27 billion. With the consensus EPS estimate being $7.78, the EPS surprise was -7.33%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...
Asbury Automotive Group (ABG) Q1 Earnings and Revenues Lag Estimates
Zacks Investment Research· 2024-04-25 13:16
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 ...
Asbury Automotive Group(ABG) - 2024 Q1 - Quarterly Results
2024-04-25 10:47
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 ...
Earnings Preview: Asbury Automotive Group (ABG) Q1 Earnings Expected to Decline
Zacks Investment Research· 2024-04-18 15:08
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 ...
The Presidio Group Advises Asbury Automotive Group on the Sale of Delaware Lexus Store
Businesswire· 2024-03-05 16:21
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 ...
Asbury Automotive Group(ABG) - 2023 Q4 - Annual Report
2024-02-28 16:00
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].
Asbury (ABG) Q4 Earnings Miss Expectations, Decline Y/Y
Zacks Investment Research· 2024-02-14 16:46
Asbury Automotive Group (ABG) reported fourth-quarter 2023 adjusted earnings of $7.12 per share, which decreased 21.9% year over year and missed the Zacks Consensus Estimate of $7.74 on lower-than-expected sales from used-vehicle and parts and service segments.In the reported quarter, revenues amounted to $3.81 billion, which increased 3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.77 billion.Segment DetailsIn the quarter, new-vehicle revenues rose 11% year over year to $2.06 b ...
Asbury Automotive Group(ABG) - 2023 Q4 - Earnings Call Transcript
2024-02-08 21:10
Asbury Automotive Group, Inc. (NYSE:ABG) Q4 2023 Earnings Conference Call February 8, 2024 10:00 AM ET Company Participants Chris Reeves - VP, Finance and Treasurer David Hult - President, CEO & Director Daniel Clara - SVP, Operations Michael Welch - SVP & CFO Conference Call Participants Daniel Imbro - Stephens Inc. John Murphy - Bank of America Merrill Lynch Ryan Sigdahl - Craig-Hallum Capital Group David Whiston - Morningstar Inc. Bret Jordan - Jefferies Rajat Gupta - JPMorgan Chase & Co. Glenn Chin - S ...
Asbury Automotive (ABG) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
Zacks Investment Research· 2024-02-08 15:36
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) Q4 Earnings Lag Estimates
Zacks Investment Research· 2024-02-08 14:25
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 ...