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, 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.
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.