DULUTH, Ga. — Asbury Automotive Group today reported a record fourth quarter during an earnings conference call, with officials expecting continued growth in 2014 thanks to a healthy automotive retail environment.
The group reported income from continuing operations for the fourth quarter 2013 of $27.2 million, or $0.88 per diluted share, vs. income from continuing operations in the fourth quarter 2012 of $22.6 million, or $0.72 per diluted share — a 22% increase per diluted share. Net income for the fourth quarter 2013 was $26.9 million, or $0.87 per diluted share, compared to $22.8 million, or $0.73 per diluted share in the prior year period.
"These results reflect the benefits of our operational excellence and disciplined capital allocation,” said Craig T. Monaghan, Asbury's president and CEO. “We believe the automotive retail environment will remain healthy in 2014 as more customers take advantage of the extremely attractive financing options to replace their aging vehicles with the many exciting new vehicles available today."
For the fourth quarter, total revenues increased 13% over the same period last year to $1.4 billion. New-vehicle revenues were up 10%, and used-vehicle retail revenues were up 24%. The company also saw an increased in F&I revenues (21%) and parts and service revenues (10%). Total gross profit was up 14%, with double-digit increases recorded for all business lines.
"Our teams produced these record results by providing our customers with the highest levels of service,” said Michael S. Kearney, Asbury's executive vice president and COO. “We believe there continues to be opportunity to grow across all of our business lines in 2014."
For the full year 2013, the company reported adjusted income from continuing operations of $109.7 million, or $3.53 per diluted share, vs. income from continuing operations of $83.3 million, or $2.64 per diluted share, in 2012. Net income for the full-year 2013 was $109.1 million, or $3.51 per diluted share, compared to $82.2 million, or $2.61 per diluted share in the prior period. Revenues for the full-year 2013 totaled $5.3 billion, an increase of 15% compared to 2012.