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Asbury Automotive Q1 profit falls 11.3% YOY

Asbury Automotive Group Inc. said its first-quarter normalized net income amounted to $1.33 per share, compared with the S&P Capital IQ consensus estimate of $1.33 per share.

In the prior-year period, the per-share result came in at a profit of $1.32.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $32.4 million, a decrease of 11.3% from $36.5 million in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.4% in the year-earlier period.

Total revenue came to $1.55 billion, compared with $1.54 billion in the prior-year period, and total operating expenses came to $1.48 billion, compared with $1.47 billion in the year-earlier period.

Reported net income decreased 13.9% from the prior-year period to $31.0 million, or $1.27 per share, from $36.0 million, or $1.30 per share.