Asbury Automotive Group, Inc. - ABG STOCK NEWS

Asbury Automotive Group, Inc. (NYSE: ABG) announced it will release its fourth quarter and full year financial results on February 15, 2022, before market opens. A conference call will follow at 10:00 a.m. ET, accessible online and via phone. This call will provide insights into Asbury's performance, part of its five-year growth strategy initiated in late 2020. The company operates 155 dealerships across the U.S., with a focus on enhancing revenue and profitability through organic growth and the innovative Clicklane platform.

Asbury Automotive Group (NYSE: ABG) has successfully completed the acquisition of Larry H. Miller Dealerships and Total Care Auto, enhancing its position as the eighth largest franchised dealership group in the U.S. This acquisition includes 54 new vehicle dealerships, seven used vehicle dealerships, and additional business operations, contributing approximately $5.7 billion in annual revenue. The deal aims to expand Asbury’s geographic footprint and enhance its Clicklane platform, providing significant value for shareholders with expected LTM Adjusted EBITDA of $473 million.

Asbury Automotive Group (NYSE: ABG) has acquired Stevinson Automotive, enhancing its presence in the Denver market with eight dealerships across six franchise brands, contributing approximately $715 million in annual revenue. This strategic acquisition aligns with Asbury's growth plan to expand its market footprint and improve profitability through both organic and acquisitions. Stevinson's award-winning dealerships are known for their strong customer focus and established culture, making them a valuable addition to Asbury's operations.

Asbury Automotive Group, Inc. (NYSE: ABG) announced the pricing of its private placement of senior notes totaling $1.4 billion, consisting of $800 million in 4.625% Senior Notes due 2029 and $600 million in 5.000% Senior Notes due 2032. The notes were priced at par and are expected to close on November 19, 2021. Proceeds will be utilized to fund the acquisition of the Larry H. Miller Dealerships and related expenses, along with general corporate purposes. This offering reduces the $2.35 billion bridge commitments associated with the acquisition.

Asbury Automotive Group (NYSE: ABG) announced pricing for its public offering of 3,300,000 shares at $182.00 per share, expected to close on November 5, 2021. An option for underwriters to purchase an additional 495,000 shares is available. Proceeds will be utilized for acquiring the LHM Business, covering related fees, and general corporate purposes. This follows a concurrent offering of Senior Notes due 2029 and 2032. Asbury aims to enhance its dealership portfolio through this strategic move.

Asbury Automotive Group (NYSE: ABG) has initiated an underwritten public offering of 3.3 million shares of its common stock under an automatic shelf registration effective November 1, 2021. An additional 495,000 shares may be purchased by underwriters within 30 days. The offering proceeds will primarily fund the acquisition of the Larry H. Miller dealerships and Total Care Auto, alongside covering associated fees and general corporate expenses. The offering is subject to market conditions and will be facilitated by J.P. Morgan Securities, BofA Securities, and Wells Fargo Securities.

Asbury Automotive Group (NYSE: ABG) plans to offer up to $1.5 billion in Senior Notes, including 2029 and 2032 Notes. The offering's proceeds will primarily fund the acquisition of Larry H. Miller Dealerships and Total Care Auto, aimed at enhancing Asbury's business capabilities. Additionally, this will reduce their bridge commitments of $2.35 billion. The Notes will be offered to qualified institutional buyers and non-U.S. persons under specific regulations, exempt from the Securities Act requirements.

Asbury Automotive Group (NYSE: ABG) reported a record net income of $147 million for Q3 2021, translating to $7.54 EPS, a significant 52% increase year-over-year. Adjusted EPS reached $7.36, up 80%. Revenue surged 30% to $2.4 billion, alongside a 43% increase in gross profit. The adjusted SG&A as a percentage of gross profit decreased by 580 basis points to 55.3%. The company also announced the transformative acquisition of Larry H. Miller Dealerships, expected to add $6.6 billion in annualized revenues. These results reflect strong operational performance despite inventory constraints.

Asbury Automotive Group, Inc. (NYSE: ABG) will release its third-quarter financial results on October 26, 2021, prior to market opening. A conference call is scheduled for 10:00 a.m. Eastern Time on the same day, with live simulcast available online. The company operates 91 dealerships and has initiated a 5-year growth strategy focusing on revenue and profitability through organic and acquisitive growth, alongside its Clicklane digital platform. Asbury is recognized as one of the largest automotive retailers in the U.S.