Asbury Automotive Group Earnings: Here’s Why Investors are Excited Now
Asbury Automotive Group, Inc. (NYSE:ABG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.08%.
Asbury Automotive Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 35.09% to $0.77 in the quarter versus EPS of $0.57 in the year-earlier quarter.
Revenue: Rose 11.45% to $1.23 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Asbury Automotive Group, Inc. reported adjusted EPS income of $0.77 per share. By that measure, the company beat the mean analyst estimate of $0.67. It beat the average revenue estimate of $1.19 billion.
Quoting Management: “Asbury is pleased to announce our fourth consecutive record quarterly results,” said Craig T. Monaghan, Asbury’s President and Chief Executive Officer. “I am thrilled with the success our stores are demonstrating in an extremely competitive industry that is benefitting from recovering sales volumes, attractive financing rates and the availability of great new products. With the right strategies and brands, our people are making the difference.”
Key Stats (on next page)…
Revenue increased 2.44% from $1.2 billion in the previous quarter. EPS increased 6.94% from $0.72 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.78 to a profit $0.79. For the current year, the average estimate has moved up from a profit of $2.92 to a profit of $3 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)