DULUTH, Ga. — Asbury Automotive Group Inc. reported adjusted income from continuing operations for the fourth quarter 2011 of $17 million, up from $12.2 million during fourth quarter 2010. Net income for the fourth quarter was $21.5 million, compared to $5.4 million during the year-ago period.
"Asbury is pleased to announce extremely strong results," said Craig T. Monaghan, Asbury's president and chief executive officer. "These results are a culmination of the hard work and determination of the Asbury team as we continue to transform the company into a best-in-class automotive retailer."
For the full year 2011, adjusted income from continuing operations was $59.3 million vs. adjusted income from continuing operations of $46.9 million in 2010. Net income for the full year 2011 was $67.9 million, compared to $38.1 million in 2010. Revenues for the full year 2011 totaled $4.3 billion, an increase of 10 percent year over year.
Here are some additional fourth quarter highlights:
• Total revenues increased 8 percent to $1.1 billion.
• New-vehicle retail revenues increased 6 percent, including 4 percent from same store revenues.
• Used-vehicle retail revenues up 21 percent, including 18 percent from same store revenues.
• Finance and insurance revenues up 24 percent.
• Total gross profit up 8 percent with increases in all business lines.
For more information, visit http://www.asburyauto.com.