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Asbury Automotive Q4 profit falls YOY

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Asbury Automotive Q4 profit falls YOY

Asbury Automotive Group Inc. said its normalized net income for the fourth quarter amounted to $1.33 per share, compared with the S&P Capital IQ consensus estimate of $1.34 per share.

EPS rose 16.5% year over year from $1.14.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $33.3 million, compared with $33.5 million in the prior-year period.

The normalized profit margin fell to 2.0% from 2.2% in the year-earlier period.

Total revenue climbed 9.1% on an annual basis to $1.64 billion from $1.50 billion, and total operating expenses rose 9.4% from the prior-year period to $1.57 billion from $1.44 billion.

Reported net income increased from the prior-year period to $41.2 million, or $1.65 per share, from $12.0 million, or 41 cents per share.

For the year, the company's normalized net income totaled $5.67 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $5.60.

EPS rose 25.9% from $4.51 in the prior year.

Normalized net income was $149.8 million, an increase of 10.4% from $135.7 million in the prior year.

Full-year total revenue rose 12.3% year over year to $6.59 billion from $5.87 billion, and total operating expenses increased 12.3% on an annual basis to $6.29 billion from $5.60 billion.

The company said reported net income increased 51.4% year over year to $169.5 million, or $6.42 per share, in the full year, from $112.0 million, or $3.72 per share.