Asbury Automotive Group Inc Stock Price, News & Analysis

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.

Asbury Automotive Group (NYSE: ABG) announced pricing for its public offering of 3,300,000 shares at $182.00 per share, expected to close on November 5, 2021. An option for underwriters to purchase an additional 495,000 shares is available. Proceeds will be utilized for acquiring the LHM Business, covering related fees, and general corporate purposes. This follows a concurrent offering of Senior Notes due 2029 and 2032. Asbury aims to enhance its dealership portfolio through this strategic move.

Asbury Automotive Group (NYSE: ABG) has initiated an underwritten public offering of 3.3 million shares of its common stock under an automatic shelf registration effective November 1, 2021. An additional 495,000 shares may be purchased by underwriters within 30 days. The offering proceeds will primarily fund the acquisition of the Larry H. Miller dealerships and Total Care Auto, alongside covering associated fees and general corporate expenses. The offering is subject to market conditions and will be facilitated by J.P. Morgan Securities, BofA Securities, and Wells Fargo Securities.

Asbury Automotive Group (NYSE: ABG) plans to offer up to $1.5 billion in Senior Notes, including 2029 and 2032 Notes. The offering's proceeds will primarily fund the acquisition of Larry H. Miller Dealerships and Total Care Auto, aimed at enhancing Asbury's business capabilities. Additionally, this will reduce their bridge commitments of $2.35 billion. The Notes will be offered to qualified institutional buyers and non-U.S. persons under specific regulations, exempt from the Securities Act requirements.

Asbury Automotive Group (NYSE: ABG) reported a record net income of $147 million for Q3 2021, translating to $7.54 EPS, a significant 52% increase year-over-year. Adjusted EPS reached $7.36, up 80%. Revenue surged 30% to $2.4 billion, alongside a 43% increase in gross profit. The adjusted SG&A as a percentage of gross profit decreased by 580 basis points to 55.3%. The company also announced the transformative acquisition of Larry H. Miller Dealerships, expected to add $6.6 billion in annualized revenues. These results reflect strong operational performance despite inventory constraints.

Asbury Automotive Group, Inc. (NYSE: ABG) will release its third-quarter financial results on October 26, 2021, prior to market opening. A conference call is scheduled for 10:00 a.m. Eastern Time on the same day, with live simulcast available online. The company operates 91 dealerships and has initiated a 5-year growth strategy focusing on revenue and profitability through organic and acquisitive growth, alongside its Clicklane digital platform. Asbury is recognized as one of the largest automotive retailers in the U.S.

Asbury Automotive Group (NYSE: ABG) has announced its acquisition of the Larry H. Miller Group, which includes Larry H. Miller Dealerships and Total Care Auto. This move positions Asbury as the eighth largest dealership group in the U.S., expanding its reach across six Western states. The acquisition adds approximately $5.7 billion in annualized revenue and is expected to be highly accretive to earnings per share. The total purchase price is $3.2 billion, expected to close in Q4 2021, contingent upon regulatory approvals.

Asbury Automotive Group (NYSE: ABG) has announced its strategic exit from the Charlottesville market by selling its BMW dealership in the area to Flow Companies. This transaction, facilitated by The Presidio Group, marks a key move in Asbury's ongoing efforts to optimize its portfolio. CEO David Hult expressed satisfaction with the sale, highlighting it as a seamless process. The Presidio Group has successfully completed 24 luxury franchise transactions this year, underlining its expertise in automotive mergers and acquisitions.

Asbury Automotive Group (NYSE: ABG) reported a record net income of $152.1 million ($7.80 per diluted share) for Q2 2021, up from $49.6 million in Q2 2020. Total revenue reached $2.6 billion, marking a 79% increase year-over-year. Notable performance included a 50% increase in same-store revenue and a gross profit of $497.2 million (105% growth). With liquidity of $576 million and a leverage ratio of 1.6x, Asbury is on track to meet its strategic goals. The Clicklane platform has also exceeded growth expectations.