Asbury Automotive Group, Inc. released its 2020 First Quarter results and has reported a net income of $19.5 million ($1.01 per diluted share).
It also reported an adjusted net income (a non-GAAP measure) of $34.7 million ($1.80 per diluted share), relative to last year’s net income of $40.9 million ($2.11 per diluted share) and adjusted net income of $42.7 million ($2.20 per diluted share).
The company’s total revenue decreased by 4% and adjusted income from operations decreased by 15%.
Included in the report were some of the company’s strategic moves including the Park Place deal termination and dealership divestitures, and refinancing $600 million 6% notes due in 2024, lowered average rate to 4.63% and extended the maturities to 2028 and 2030.
"The quarter started off very strong with February year-to-date revenue, gross profit and adjusted EPS up 10%, 12%, and 31%, respectively. However, our March results were significantly impacted by the COVID-19 pandemic. Our team acted decisively to right-size our business, reduced expenses, deferred most capital expenditures and focus on our omni-channel sales initiatives." said David Hult, Asbury's President and Chief Executive Officer. "In addition, we also drew down our credit facilities to maximize our liquidity. As we manage through this crisis, our top priorities are maintaining the health and safety of our employees and guests and preserving the financial strength of our company."