Asbury Automotive Group Reports Third Quarter Financial Results
Asbury Automotive Group Inc. has reported financial results for the third quarter of 2006.
NEW YORK—Asbury Automotive Group Inc. has reported financial results for the third quarter of 2006.
Income from continuing operations for the third quarter increased seven percent to $18.2 million from $17.1 million, in last year’s third quarter. Results for this year’s third quarter include non-operating items related to a secondary offering and a bond buy back program, which reduced earnings by $.03 per diluted share.
This year’s third quarter also includes a stock-based compensation charge of approximately $.02 per diluted share. The third quarter of 2005 included a restructuring charge of $.01 per diluted share. Excluding these items, third quarter income from continuing operations rose 14 percent to $19.9 million, or $.59 per diluted share. Net income for the 2006 quarter was $17.2 million, compared to $15.0 million in last year’s quarter.
Additionally, new vehicle retail revenue increased one percent and unit sales declined three percent. New vehicle retail gross profit rose four percent. Used vehicle retail revenue increased 21 percent and unit sales were up five percent. Used vehicle gross profit increased 11 percent.
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