AP News

Asbury Automotive 3Q net income jumps 68 pct


DULUTH, Ga. (AP) — Auto dealership chain Asbury Automotive Group Inc. said Tuesday its third-quarter profit jumped 68 percent, boosted by a jump in sales of new cars.

The Duluth, Ga.-based company earned $20.7 million, or 66 cents per share, up from $12.3 million, or 38 cents per share, in the same quarter last year. Excluding discontinued operations, the company earned 72 cents per share for the recent quarter.

Revenue rose 14 percent to $1.2 billion from $1 billion.

The results matched Wall Street predictions, according to a FactSet poll.

New-vehicle revenue jumped 22 percent to $674.7 million, while used-vehicle revenue rose 5.4 percent to $335.6 million. Revenue from parts and services edged up about 1 percent to $143.5 million.


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