Q3 2024 Asbury Automotive Group Inc Earnings Call Transcript
Key Points
- Asbury Automotive Group Inc (ABG) reported a 16% year-over-year increase in revenue, reaching $4.2 billion for the third quarter.
- The company achieved a gross profit of $718 million, marking a 7% increase compared to the previous year.
- Adjusted earnings per share were reported at $6.35, with potential for higher earnings excluding impacts from hurricanes and stop-sale orders.
- The parts and service business showed healthy growth, with a 4% increase in same-store parts and service gross profit.
- The company successfully repurchased nearly 400,000 shares for $89 million during the quarter, indicating strong capital management.
- The company faced significant challenges due to Hurricane Helene and Milton, impacting store operations and resulting in temporary closures.
- Stop-sale orders for certain Toyota, Lexus, and BMW models led to nearly 1,200 fewer new units sold, negatively impacting earnings per share by $0.32 to $0.34.
- Stellantis locations experienced a 30% year-over-year decline in new volume and a 53% drop in gross profit per vehicle.
- The used vehicle segment saw a 6% year-over-year decrease in unit volume, reflecting ongoing market challenges.
- The company anticipates further impacts from Hurricane Milton in the fourth quarter, with more extensive damage compared to Hurricane Helene.
Greetings, and welcome to the Asbury Automotive Group third quarter 2024 earnings call.
(Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Reeves, Vice President of Finance, Treasurer. Thank you, sir. You may begin.
Thanks, operator, and good morning. As noted, today's call is being recorded and will be available for replay later this afternoon. Welcome to Asbury Automotive Group's third quarter 2024 earnings call. The press release detailing Asbury's third quarter results was issued earlier this morning and is posted on our website at investors.asburyauto.com.
Participating with me today are David Hult, our President and Chief Executive Officer; Dan Clara, our Senior Vice President of Operations; and Michael Welch, our Senior Vice President and Chief Financial Officer. At the conclusion of our remarks, we will open up the call for questions and will be available later for any follow-up questions.
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