2023-04-25 07:22:48 ET
Asbury Automotive Group ( NYSE: ABG ) posted a mixed earnings report on Tuesday, topping profit estimates but falling short of revenue expectations.
The Georgia-based auto dealer reported $8.37 in earnings per share on $3.6 billion. The consensus EPS and revenue estimates stood at $7.99 and $3.79B, respectively. Gross profit decreased 12% year over year as auto prices normalized from the prior year. New vehicle unit volume decreased 12% and new vehicle gross profit decreased 20%, Used vehicle retail unit volume decreased 14% and gross profit decreased 26%.
“I am pleased with our performance coming off of a record year,” CEO David Hult said. “We were, and will continue to be, opportunistic while navigating the changing auto market and macro conditions, and we believe our strong operational model and guest-centric approach will continue to power our profitability.”
Shares of Asbury Automotive ( ABG ) edged slightly lower in premarket trading.
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Asbury Automotive Group edges profit expectations