Asbury Automotive Posts 3Q EPS of $5.84
ABG is trading near its 52-week low of $160.3 (7.8% above the low).
Summary
Asbury reported third-quarter earnings per share of $5.84, down 29% from a year earlier, with net income of $105.1 million. The release gives no revenue or same-store comparison, so the results cannot be judged against expectations. The bar was set by a weak second quarter: Q2 net income fell 25% to $114.6 million as new vehicle margins compressed and SG&A costs rose, and the company bought back $130.6 million of stock in that period. Whether $5.84 marks a margin recovery or another down quarter is the whole question for a stock trading near $173 with a market value around $3.1 billion. Full results and any commentary on new vehicle margins and SG&A will carry the actual read.
At the time of this announcement, ABG was trading at $172.81 on NYSE in the Trade & Services sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $160.30 to $258.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.