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Sep 30, 2021
Asbury Q3 2021 Earnings Report
Asbury's financial performance reached record levels, driven by strong execution and strategic acquisitions.
Key Takeaways
Asbury Automotive Group reported record third-quarter results, with a 30% increase in revenue and a 52% increase in EPS. The company's performance was driven by strong execution and strategic acquisitions, including the upcoming acquisition of Larry H. Miller Dealerships and Total Care Auto.
Record third quarter EPS of $7.54, up 52% year-over-year.
Adjusted EPS of $7.36, up 80% year-over-year.
Revenue increased 30% and gross profit increased 43% year-over-year.
SG&A as a percentage of gross profit decreased 550 bps to 56.0%.
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
Asbury expects to close on acquisitions totaling $6.6 billion in annualized revenue in 2021 and is tracking to surpass its strategic five-year plan.
Positive Outlook
- The company is trending well on its same store pillar of its five-year growth plan.
- The company announced the upcoming transformative acquisition of the Larry H. Miller Dealerships and Total Care Auto.
- The acquisitions, both closed and under contract, will add an additional $900 million in revenue.
- The company expects to close on acquisitions totaling $6.6 billion in annualized revenue.
- The company is tracking to surpass its strategic five-year plan.
Challenges Ahead
- The supply of new inventory remained constrained.
- The company faces risks related to competition in the automotive retail and service industries.
- General economic conditions both nationally and locally could impact the company's performance.
- Governmental regulations and legislation could pose challenges.
- Adverse results in litigation and other proceedings could negatively affect the company.
Revenue & Expenses
Visualization of income flow from segment revenue to net income