- Asbury Automotive Group Inc ABG reported fourth-quarter FY21 sales growth of 19% year-on-year, to $2.65 billion, beating the analyst consensus of $2.48 billion.
- New vehicle unit volume decreased 8%, and new vehicle revenue increased 5%.
- Used vehicle retail unit volume increased 27%, and used vehicle retail revenue increased 53%.
- Adjusted EPS of $7.46 beat the analyst consensus of $6.05.
- The gross margin expanded 370 basis points Y/Y to 20.4%, and the gross profit rose 46% to $542.3 million.
- Selling, general and administrative expenses rose 29% Y/Y to $295.7 million.
- The operating margin was 8.9%, and operating income for the quarter rose 76% to $236.1 million.
- The company held $189.4 million in cash and equivalents as of December 31, 2021.
- Asbury Automotive board increased the company's share repurchase authorization by $100.0 million to $200.0 million.
- Price Action: ABG shares are trading higher by 2.41% at $165.07 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in