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Sep 30, 2020
Asbury Q3 2020 Earnings Report
Asbury's financial performance for Q3 2020 reached all-time record levels, marked by significant growth in EPS and adjusted EPS, driven by a focus on gross profit and disciplined expense management.
Key Takeaways
Asbury Automotive Group reported a record third quarter in 2020, with net income reaching $96.2 million, or $4.96 per diluted share. Adjusted EPS was $4.08, a 75% increase over the prior year. The company closed on the acquisition of Park Place Dealerships, adding $1.7 billion of annualized revenue, and achieved a record adjusted operating margin of 6.6%.
New gross profit per vehicle increased by 73% to $2,468.
Used retail gross profit per vehicle increased by 43% to $2,116.
Finance and Insurance gross profit per vehicle increased by 11% to $1,795.
Adjusted SG&A as a percentage of gross profit decreased 780 basis points to 61.1%.
Asbury
Asbury
Asbury Revenue by Segment
Revenue by Segment
New Vehicle Revenue
CapyFin.comUsed Vehicle Revenue
CapyFin.comParts & Service Revenue
CapyFin.comF&I Net Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements regarding Asbury's financial position, liquidity, results of operations, market position and dealership portfolio, and other initiatives and future business strategy.
Positive Outlook
- Goals
- Plans
- Market conditions
- Projections regarding Asbury's financial position
- Liquidity
Challenges Ahead
- Impact of the COVID-19 pandemic
- Market factors
- Asbury's relationships with vehicle manufacturers and other suppliers
- Acts of God or other incidents which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges
- Risks associated with Asbury's indebtedness
Revenue & Expenses
Visualization of income flow from segment revenue to net income