Asbury Automotive Group, Inc. - ABG STOCK NEWS

Asbury Automotive Group, Inc. (NYSE: ABG) reported first-quarter 2023 financial results, revealing revenue of $3.6 billion, down 8% year-over-year. The company's gross profit decreased 12% to $696 million, leading to a net income of $181 million ($8.37 per diluted share), a 24% decline from the previous year. Adjusted net income also fell 15% year-over-year. Notable metrics include growth in parts and service revenue by 3%, with same-store parts and service revenue up 12%. The firm achieved record Clicklane sales exceeding 10,800 vehicles, marking a 28% increase from Q4 2022. Asbury repurchased approximately 110,000 shares for $21 million. Cash and liquidity stood at $1.7 billion as of March 31, 2023, with an adjusted net leverage ratio of 1.6x.

Asbury Automotive Group, Inc. (NYSE: ABG) will release its first quarter financial results on April 25, 2023, before market opening. A conference call will follow at 10:00 a.m. Eastern Time, accessible via the company’s investor relations website. Asbury Automotive, headquartered in Duluth, GA, is among the largest automotive retailers in the U.S., with 139 new vehicle dealerships and a portfolio of 186 franchises representing various brands. The company is focused on growth through digital innovation, like its Clicklane platform, and aims to enhance revenue and profitability over the next five years. They offer a wide range of services, including vehicle sales, parts, repair, and finance options.

Asbury Automotive Group (NYSE: ABG) released its 2022 Corporate Responsibility Report, highlighting its commitments to Environmental, Social, and Governance (ESG) initiatives. CEO David Hult expressed pride in the company's progress and reaffirmed its dedication to enhancing these programs. The report details Asbury's extensive operations, which include 139 dealerships and various services like vehicle repair, maintenance, and finance products. Asbury continues to pursue its five-year growth strategy focusing on revenue increase and profitability through both organic and acquisitive growth.

Asbury Automotive Group (NYSE: ABG) reported strong financial results for Q4 2022, with a net income of $353 million ($15.95 per diluted share), a 151% increase year-over-year. For the full year, net income reached $997 million ($44.61 per diluted share), up 68%. Adjusted EBITDA for Q4 was $319 million (+29%) and $1.3 billion for the year (+61%). Revenue for Q4 was $3.7 billion (+40%), totaling $15.4 billion (+57%) for 2022. Clicklane sales exceeded 8,400 units in Q4. The company also repurchased 1.6 million shares and increased its repurchase authorization to $200 million. Asbury remains focused on strategic growth and operational efficiency.

Asbury Automotive Group (NYSE: ABG) has increased its common stock repurchase authorization by $108 million, bringing the total to $200 million. The company reported repurchasing approximately 1.6 million shares for $287 million in 2022 and around 115,000 shares for $20 million year-to-date in 2023. This strategy reflects Asbury's robust cash flow and strong balance sheet, emphasizing effective capital allocation. The implementation of the share repurchase program may vary based on market conditions and is subject to modification or termination at any time.

Asbury Automotive Group (NYSE: ABG) will release its fourth-quarter financial results on February 2, 2023, before the market opens. A conference call is scheduled for 10:00 a.m. ET, which will be available via the company’s investor relations website. Asbury operates 139 dealerships and aims for growth through its innovative Clicklane platform. The company has a strong presence in the U.S. automotive market, providing a vast range of automotive products and services across multiple brands.

Asbury Automotive Group, Inc. (NYSE: ABG) announced the appointment of Nathan Briesemeister as Vice President, Chief Accounting Officer & Controller, effective November 7, 2022. Briesemeister joins from Global Payments Inc., where he served as Senior Vice President and Corporate Controller. His experience is expected to significantly benefit Asbury as the company integrates its acquisitions and pursues its 2025 growth plan. Asbury, headquartered in Duluth, GA, operates 148 dealerships and various automotive-related businesses.