Asbury Automotive Q4 Earnings Beat Street View; Boosts Buyback

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.

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