Asbury Automotive (ABG) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

Core Insights - Asbury Automotive Group reported a revenue of $4.24 billion for Q3 2024, reflecting a year-over-year increase of 15.6% but falling short of the Zacks Consensus Estimate by 2.90% [1] - The earnings per share (EPS) for the quarter was $6.35, down from $8.12 in the same quarter last year, and also below the consensus estimate of $6.65 by 4.51% [1] Financial Performance Metrics - New vehicle unit sales were 42,607, below the average estimate of 44,380 [3] - Used vehicle retail unit sales totaled 37,347, compared to the average estimate of 40,884 [3] - The average selling price for new vehicles was $50.78 billion, exceeding the average estimate of $49.09 billion [3] - Same-store used vehicle retail unit sales were 29,668, below the average estimate of 33,716 [3] - Average gross profit per unit for total new vehicles was $3.53 billion, surpassing the average estimate of $3.24 billion [3] - Average gross profit per unit for used vehicle retail was $1.50 billion, slightly above the average estimate of $1.44 billion [3] Revenue Breakdown - Revenues from new vehicles were $2.16 billion, slightly below the average estimate of $2.21 billion, with a year-over-year change of +16.2% [3] - Revenues from used vehicles reached $1.29 billion, also below the average estimate of $1.32 billion, with a year-over-year change of +16.5% [3] - Parts and service revenues were $593.10 million, below the average estimate of $636.99 million, with a year-over-year change of +12.7% [3] - Finance and insurance net revenues were $185.40 million, compared to the average estimate of $196.39 million, reflecting a year-over-year change of +11.6% [3] - Retail revenues from used vehicles were $1.15 billion, slightly below the average estimate of $1.16 billion, with a year-over-year change of +13% [3] - Wholesale revenues from used vehicles were $146.20 million, below the average estimate of $148.85 million, with a significant year-over-year change of +54.1% [3] Stock Performance - Asbury Automotive shares have declined by 5.5% over the past month, contrasting with the S&P 500 composite's increase of 1.7% [4] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [4]