Revenue and Profit Growth - Consolidated revenue for the six months ended June 30, 2024, was $8.45 billion, up from $7.32 billion in the prior year, reflecting a growth of approximately 15.4%[108] - Consolidated gross profit for the six months ended June 30, 2024, was $1.48 billion, compared to $1.41 billion for the prior year, indicating an increase of about 4.9%[108] - The increase in revenue and gross profit is primarily attributed to the acquisition of the Jim Koons Dealerships, offset by the negative impact of the CDK outage and lower gross profit per vehicle sold[108] - Total revenue for the second quarter of 2024 increased by $503.7 million (13%) to $4,246.2 million compared to $3,742.5 million in the second quarter of 2023[114] - New vehicle revenue rose by $222.2 million (11%) to $2,164.9 million, while used vehicle revenue increased by $200.7 million (18%) to $1,308.0 million[114] - Gross profit for the second quarter of 2024 was $730.7 million, a $17.6 million (2%) increase from $713.1 million in the same period last year[114] - Total revenue for the six months ended June 30, 2024, increased by $1,122.6 million (15%) to $8,447.4 million compared to $7,324.8 million in 2023[144] - New vehicle revenue rose by $518.8 million (14%) to $4,229.1 million, while used vehicle revenue increased by $431.1 million (19%) to $2,664.9 million[144] Asset Impairments and Expenses - The company recorded asset impairments of $135.4 million related to franchise rights for certain underperforming stores during the three months ended June 30, 2024[110] - Income from operations decreased by $187.2 million (65%) to $100.5 million, primarily due to $135.4 million in asset impairments[115] - Total other expenses, net increased by $35.9 million (135%) primarily due to a $20.2 million rise in floor plan interest expense[115] - Selling, general, and administrative (SG&A) expenses increased by $133.6 million (16%) to $945.1 million compared to $811.6 million in the prior year[144] - Asset impairments recognized during the three months ended June 30, 2024, totaled $135.4 million, compared to no impairment charges in the same period of 2023[138] - Floor plan interest expense surged by $20.2 million to $21.0 million for the three months ended June 30, 2024, compared to $0.8 million in 2023[139] - Other interest expense increased by $5.8 million (15%) to $45.1 million, driven by a $6.3 million rise in credit facility interest expense[139] Vehicle Sales Performance - New vehicle units sold increased by 4,419 (12%) to 42,679 units compared to 38,260 units in the prior year[117] - The seasonally adjusted annual rate (SAAR) for new vehicle sales in the U.S. was approximately 15.6 million, reflecting an increase from 15.5 million in the same period last year[121] - Total new vehicle units sold increased by 10,590 (15%) to 83,356 units for the six months ended June 30, 2024[149] - Same store new vehicle revenue decreased by $125.7 million (3%) as a result of a 3% decrease in new vehicle units sold[151] Parts and Service Revenue - Parts and service revenue increased by $54.7 million (10%) to $580.9 million, driven by a $40.7 million (15%) increase in customer pay revenue and a $13.1 million (20%) increase in warranty revenue[130] - Total parts and service gross profit rose by $47.9 million (16%) to $339.9 million, with same store gross profit increasing by $10.5 million (4%) to $299.9 million[131] - Parts and service revenue increased by $129.5 million (12%) to $1,171.2 million for the six months ended June 30, 2024, driven by a $89.1 million (16%) increase in customer pay revenue[158] - Total parts and service gross profit rose by $99.9 million (17%) to $674.0 million, with same store gross profit increasing by $26.3 million (5%) to $594.7 million[160] Financial Performance and Net Income - Net income fell by $168.2 million (86%) to $28.1 million, with diluted net income per share decreasing to $1.39 from $9.34[115] - Net income for the six months ended June 30, 2024, decreased by $202.5 million (54%) to $175.2 million compared to $377.7 million in 2023[144] - The effective tax rate for the three months ended June 30, 2024, was 26.1%, up from 24.8% in the prior year, with an estimated effective tax rate of 25.0% for the year ended December 31, 2024[141] Share Repurchase and Capital Allocation - The company repurchased 432,389 shares for $93.2 million during the six months ended June 30, 2024, supporting its capital allocation priorities[108] - The company repurchased 432,389 shares of common stock for a total of $93.2 million during the six months ended June 30, 2024, compared to 1,070,126 shares for $220.3 million in 2023[191] Impact of CDK Outage - The CDK outage negatively impacted financial results due to fewer new and used vehicle sales and reduced parts and service volumes[105] - The CDK outage negatively impacted both new and used vehicle revenue and gross profit during the quarter ended June 30, 2024[120][126] - The CDK outage negatively impacted parts and service revenue and gross profit during the quarter[131] - The CDK outage negatively impacted financial results during the quarter ended June 30, 2024, affecting new and used vehicle sales and parts and service volumes[146] Liquidity and Cash Flow - Total available liquidity as of June 30, 2024, was $806.0 million, including cash and cash equivalents of $52.6 million[174] - Adjusted cash flow provided by operating activities was $402.0 million for the six months ended June 30, 2024, compared to $418.3 million in the same period of 2023[183] - Net cash provided by operating activities for the six months ended June 30, 2024, was $22.7 million, down from $221.7 million in 2023, with adjusted cash flow decreasing from $418.3 million to $402.0 million[184] - Net cash used in investing activities was $18.0 million for the six months ended June 30, 2024, compared to $62.5 million in 2023, with capital expenditures rising from $40.8 million to $65.4 million[187] Other Financial Metrics - The company has $1.85 billion of total variable interest rate debt outstanding, with a potential $18.5 million change in annual interest expense for a 100 basis point change in interest rates[200] - Non-trade floor plan borrowings increased from $3.72 billion in 2023 to $4.83 billion in 2024, while repayments rose from $3.72 billion to $5.08 billion[190]

Asbury Automotive Group (ABG) reported $4.25 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 13.5%. EPS of $6.40 for the same period compares to $8.95 a year ago.The reported revenue represents a surprise of -2.67% over the Zacks Consensus Estimate of $4.36 billion. With the consensus EPS estimate being $7.31, the EPS surprise was -12.45%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

Company Performance - Asbury Automotive Group reported quarterly earnings of $6.40 per share, missing the Zacks Consensus Estimate of $7.31 per share, and down from $8.95 per share a year ago, representing an earnings surprise of -12.45% [1] - The company posted revenues of $4.25 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 2.67%, compared to $3.74 billion in the same quarter last year [1] - Over the last four quarters, Asbury Automotive has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [1] Stock Performance - Asbury Automotive shares have increased by approximately 17.1% since the beginning of the year, outperforming the S&P 500's gain of 14.2% [2] - The current consensus EPS estimate for the upcoming quarter is $7.35 on revenues of $4.37 billion, and for the current fiscal year, it is $29.12 on revenues of $17.31 billion [4] Industry Outlook - The Automotive - Retail and Whole Sales industry is currently ranked in the bottom 14% of over 250 Zacks industries, indicating potential challenges for stock performance [5] - The performance of Asbury Automotive's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [5]

Exhibit 99.1 Investors & Reporters May Contact: Joe Sorice Manager, Investor Relations (770) 418-8211 ir@asburyauto.com Asbury Automotive Group Reports Second Quarter Results • Record second quarter revenue of $4.2 billion • Record for second quarter parts & service revenue of $581 million and gross profit of $340 million • Repurchased approximately 193,000 shares for $43 million in the second quarter and approximately 592,000 shares for $130 million year-to-date through August 1, 2024 DULUTH, GA. (August 2 ...

Asbury Automotive Group (ABG) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the s ...

Luis Alvarez/DigitalVision via Getty Images Asbury Automotive Group (NYSE:ABG) has been a mixed performer over the past year, up just 10% and below last summer's highs. In September, I rated shares of ABG a "strong buy," but their performance since then has been disappointing. The stock is essentially flat, while the S&P 500 has risen by 16%. Given this underperformance, it is time to revisit to see if the underperformance is merited or if the opportunity for 15+% returns remains. I remain bullish. Seeking ...

Shares of Asbury Automotive (ABG) have inched down 1% since the company reported first-quarter 2024 results. Adjusted earnings of $7.21 per share decreased 13.8% year over year and missed the Zacks Consensus Estimate of $7.78 on lower-than-expected gross profit from new vehicle, parts and service, and finance and insurance businesses. In the reported quarter, revenues amounted to $4.2 billion, which increased 17% year over year but missed the Zacks Consensus Estimate of $4.26 billion.Segment DetailsIn the q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☒ EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ☐ EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-31262 ASBURY AUTOMOTIVE GROUP, INC. (Exact name of Registrant as specified in its charter) Delaware 01-0609375 (State or ...

Asbury Automotive Group, Inc. (NYSE:ABG) Q1 2024 Earnings Conference Call April 25, 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 John Murphy - Bank of America Merrill Lynch Rajat Gupta - JPMorgan Chase & Co. Ryan Sigdahl - Craig-Hallum Capital Group Bret Jordan - Jefferies David Whiston - Morningstar Inc. Operator Greetings and welcome to the Asbury A ...

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 ...