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Asbury Automotive Q2 profit falls 12.4% YOY

Asbury Automotive Group Inc. said its normalized net income for the second quarter amounted to $1.66 per share, compared with the S&P Capital IQ consensus estimate of $1.65 per share.

EPS rose 6.6% year over year from $1.56.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $36.8 million, a decrease of 12.4% from $42.0 million in the prior-year period.

The normalized profit margin fell to 2.3% from 2.5% in the year-earlier period.

Total revenue declined on an annual basis to $1.63 billion from $1.69 billion, and total operating expenses decreased year over year to $1.55 billion from $1.61 billion.

Reported net income fell 10.7% year over year to $36.6 million, or $1.65 per share, from $41.0 million, or $1.52 per share.