Asbury Automotive Group posted a net income of $89.1 million for the fourth quarter of 2020, resulting in $4.59 per diluted share for stockholders.
This was a 104% gain from $43.6 million, or $2.26 per diluted share, in the prior year's fourth quarter, according to a virtual conference call held Feb. 2.
For the full year 2020, Asbury reported a net income of $254.4 million compared to $184.4 million in 2019. Total revenue for the full year 2020 was $7.1 billion, which was a 1% drop from the prior year.
"The fourth quarter of 2020 was a pivotal period for us where we launched our online car-buying platform Clicklane and also unveiled our five-year strategic plan to reach $20 billion of revenue by 2025," Asbury President and CEO David Hult said. "On top of this, we posted the best quarterly results in our company's history with adjusted earnings of $4.44 per share, up 76%."
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