Third quarter net income and adjusted net income for Asbury Automotive Group Inc. were both up during the third quarter.
Reported net income checked in at $96.2 million ($4.96 per diluted share) and adjusted net income settled at $79.2 million, compared with net income of $45 million ($2.33 per diluted share) in the prior year quarter, according to PR Newswire.
In all, total third quarter revenue was $1.8 billion, or in the same neighborhood as the year before and total revenue on a same-store basis was down 5%.
"In addition to closing on the largest acquisition in the company's history and increasing our size by 25%, we delivered another very strong quarter reflecting the resilience and the flexibility of our business model,” said Asbury President and CEO David Hult. "Our continued focus on gross profit combined with disciplined expense management enabled us to deliver the best quarterly results in our company's history with adjusted earnings of $4.08 per share, up 75%."
Assuring that the quarter ended as one to remember, new gross profit per vehicle was up by 73%; used retail gross profit per vehicle rose by 43% and finance and insurance gross profit per vehicle was up by 11%.
During the nine-month period ending Sept. 30, Asbury posted net income of $165.3 million, or $8.56 per diluted share, compared to net income of $140.8 million, or $7.30 per diluted share in the prior year period. At the same time, adjusted net income spiked by 22% to $162.7 million, or $8.43 per diluted share, compared to $133.6 million, or $6.92 per diluted share.
Nestled in Duluth, Georgia, Asbury is recognized as one of the largest automotive retailers in the country. A Fortune 500 establishment, the company operates 90 dealerships, consisting of 113 franchises, representing 31 domestic and foreign brands of vehicles.
In addition, the company owns 25 collision repair centers, all of which prides itself on offering customers an endless array of automotive products and services, headlined by new and used vehicle sales, vehicle maintenance and repair services, replacement parts and service contracts.
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