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Sep 30, 2022
Asbury Q3 2022 Earnings Report
Asbury's financial performance reached record levels, demonstrating resilience amidst a challenging macro environment and the impact of Hurricane Ian.
Key Takeaways
Asbury Automotive Group reported record third-quarter results, with a 39% increase in net income to $205 million and a 61% increase in revenue to $3.9 billion, driven by strong performance across new and used vehicles, parts and service, and finance and insurance. The company navigated a challenging macro environment, including the impact of Hurricane Ian, while maintaining a disciplined cost strategy and strengthening its balance sheet.
Net income increased by 39% year-over-year to $205 million, with EPS reaching $9.23 per diluted share.
Revenue grew by 61% compared to the prior year quarter, reaching $3.9 billion.
Gross profit increased by 60% year-over-year, with an operating margin of 8.1%.
Fixed operations revenue and F&I revenue saw significant increases of 80% and 99%, respectively.
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
The press release contains forward-looking statements regarding the company's future financial position, liquidity, results of operations, cash flows, leverage, market position, and dealership portfolio.
Positive Outlook
- Revenue enhancement strategies
- Operational improvements
- Expected benefits of Clicklane
- Management’s plans, projections and objectives for future operations, scale and performance
- Integration plans and expected synergies from acquisitions
Challenges Ahead
- Changes in general economic and business conditions, including increases in interest rates and rising fuel prices
- Any impact of COVID-19 on the automotive industry in general, the automotive retail industry in particular and our customers, suppliers, vendors and business partners
- Our relationships with vehicle manufacturers
- Our ability to maintain our margins
- Operating cash flows and availability of capital
Revenue & Expenses
Visualization of income flow from segment revenue to net income