Asbury Automotive Group Inc Stock Price, News & Analysis

Asbury Automotive Group (NYSE: ABG) reported robust Q1 2022 results with a record net income of $237.7 million, or $10.38 per diluted share, reflecting a 156% increase year-over-year. Adjusted EBITDA soared 139% to $336 million amid a revenue increase of 78% to $3.9 billion. The operating margin rose to 8.2%, while SG&A as a percentage of gross profit fell to 57.5%. The company also announced a new $200 million share repurchase authorization, aiming for $16 billion in revenue for 2022 and $32 billion by 2025, reflecting strong growth expectations.

Asbury Automotive Group, Inc. (NYSE: ABG) will release its first quarter financial results on April 28, 2022, before the market opens. A conference call will follow at 10:00 a.m. Eastern Time, accessible via the company's investor relations website and by phone. Asbury operates 148 dealerships in the U.S., focusing on organic growth and innovative services like Clicklane, a digital vehicle purchasing platform. The company aims to enhance revenue and profitability through strategic initiatives.

Asbury Automotive Group (NYSE: ABG) has appointed Hilliard C. Terry, III to its Board of Directors, effective February 22, 2022. Mr. Terry brings extensive experience in finance and corporate development, having previously served as CFO of Textainer Group Holdings and treasurer at Agilent Technologies. His appointment strengthens the Company’s leadership, with his insights expected to enhance Asbury’s strategic growth initiatives and digital transformations. The Board now comprises ten members, nine of whom are independent.

Asbury Automotive Group (NYSE: ABG) reported a strong fourth quarter with net income of $141 million ($6.44 per diluted share), a 40% increase year-over-year. Adjusted EPS rose 68% to $7.46. Revenue grew 19% to $2.7 billion, while gross profit surged 46%. The company successfully integrated several acquisitions, contributing to a robust operating margin of 8.9%. Full-year results showed a 38% rise in revenue and 55% growth in gross profit. Additionally, the share repurchase authorization was increased by $100 million, totaling $200 million.

Park Place Dealerships celebrates 35 years in the automotive industry, evolving from its first store in 1987 to a tech-savvy leader today. With plans for a brand refresh, the company aims to enhance its culture and adapt to the increasing demand for electric vehicles. Over the next five years, they will recruit and train technicians and staff to support this transition, ensuring a high level of client service. The company remains committed to excellence, as emphasized by their new campaign 'X is for Excellence' to resonate with clients and the community.

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.