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.