Welcome to our dedicated page for Asbury Automotive Group news (Ticker: ABG), a resource for investors and traders seeking the latest updates and insights on Asbury Automotive Group stock.
Asbury Automotive Group, Inc. (NYSE: ABG) is a Fortune 500 automotive retail and service company and one of the largest automotive retailers in the United States. The ABG news feed on Stock Titan aggregates company announcements, earnings releases, transaction updates, and operational news drawn from sources such as Business Wire and SEC-related disclosures.
Investors and industry followers can use this page to review quarterly and annual financial results, including earnings releases that discuss revenue, gross profit, margins, and non-GAAP measures such as adjusted net income and adjusted operating margins. Asbury regularly issues press releases ahead of and following its earnings calls, and the news stream captures scheduling notices for upcoming results as well as detailed summaries of reported performance.
Because Asbury pursues growth through acquisitions and portfolio optimization, the ABG news page also highlights transaction activity. Recent examples include the completion of the acquisition of The Herb Chambers Companies, one of the nation’s largest private auto dealership groups, and divestitures such as the sale of the Larry H. Miller CDJR Riverdale dealership. These items provide context on how Asbury is reshaping its dealership and brand mix.
Operational updates, such as the renovation of Park Place Motorcars Fort Worth and the expansion of technology platforms across markets, appear alongside corporate governance and leadership news, including CEO succession plans and board leadership changes. Recognition items, such as inclusion in Newsweek’s World’s Most Trustworthy Companies and the Financial Times’ America’s Fastest Growing Companies list, are also part of the coverage.
By checking this ABG news page regularly, readers can follow Asbury’s financial reporting, acquisition and divestiture activity, dealership initiatives, and leadership developments in one place.
Asbury Automotive Group (NYSE: ABG) has been named one of America's Fastest-Growing Companies for 2024 by the Financial Times. The company achieved an impressive 114% Absolute Growth rate and a 28.88% Compound Growth rate, ranking 327th out of 500 companies with the strongest revenue growth.
The list, compiled by Statista, focuses on companies with the highest growth in publicly disclosed revenues between 2019 and 2022 in North and South America. Asbury's President and CEO, David Hult, attributed this recognition to the company's valuable team members and their dedication to providing exceptional guest experiences.
As one of the largest automotive retail and service companies in the U.S., Asbury's inclusion in this prestigious list highlights its significant and thoughtful growth in recent years.
Asbury Automotive Group (NYSE: ABG) reported record second quarter revenue of $4.2 billion, a 13% increase year-over-year. However, net income decreased 86% to $28 million ($1.39 per diluted share) compared to $196 million in Q2 2023. Adjusted net income fell 31% to $129 million ($6.40 per diluted share). The company's results were significantly impacted by a CDK Global cyber incident, estimated to have negatively affected earnings by $0.95 to $1.15 per diluted share. Despite challenges, Asbury achieved record parts & service revenue of $581 million and gross profit of $340 million. The company also repurchased approximately 193,000 shares for $43 million in Q2 and 592,000 shares for $130 million year-to-date through August 1, 2024.
Asbury Automotive Group (NYSE: ABG), a leading U.S. automotive retail and service company, has announced the release date for its second quarter 2024 financial results. The results will be unveiled before the market opens on Friday, August 2, 2024. Following the release, Asbury will host a conference call at 10:00 a.m. Eastern Time on the same day.
Investors and interested parties can access the live simulcast of the conference call via Asbury's investor relations website. A replay will be available for 30 days. For those preferring audio access, dial-in details have been provided for both domestic and international participants.
Asbury Automotive Group has announced the appointment of Dean A. Calloway as Senior Vice President, General Counsel, and Secretary, effective July 1, 2024. Calloway has been with Asbury since 2013, occupying various legal roles and demonstrating expertise in commercial litigation, cybersecurity, corporate governance, and more. He succeeds George A. Villasana, the retiring SVP and Chief Legal Officer, who will stay on as a Special Advisor until March 2025. Asbury, a Fortune 500 company, is a large automotive retail and service company in the U.S., with 157 dealerships and a diverse range of automotive products and services.
Asbury Automotive Group (NYSE: ABG) reported a cyber incident affecting services provided by CDK Global, a vendor for many automotive retailers. The attack, identified on June 19, 2024, impacted Asbury's sales, service, inventory, CRM, and accounting functions. Immediate actions were taken to protect systems, and contingency plans are in place to mitigate operational disruptions. However, operations may be slower than usual. Koons Automotive locations and the Clicklane platform remain largely unaffected. The full scope and potential financial impact of the incident are currently unknown, and ongoing assessments are being conducted with CDK Global.
Asbury Automotive Group announced an increase in its share repurchase authorization to $400 million. This expansion reflects Asbury's commitment to a disciplined capital allocation approach. Year-to-date 2024, the company has repurchased about 281,000 shares for $59 million. The expanded program allows Asbury to repurchase shares in various manners, including open market and privately negotiated transactions. Factors influencing repurchase decisions include stock price, economic conditions, and strategic capital uses. Asbury operates 157 new vehicle dealerships, 37 collision repair centers, and offers a range of automotive products and services. The company is recognized on Forbes’ list of America's Best Mid-Sized Companies and by Newsweek and U.S. News & World Report as one of the best workplaces in the retail industry.
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