Asbury Automotive Group Inc. (ABG) released its second-quarter earnings, showing a significant decline compared to the same period last year, and fell short of Wall Street expectations.
The company reported a net income of $28.1 million, or $1.39 per share, a marked contrast to the $196.4 million, or $9.34 per share, recorded in the second quarter of the previous year.
Excluding special items, Asbury Automotive Group Inc. posted adjusted earnings of $129.1 million, or $6.40 per share, for this quarter.
Analysts, as polled by Thomson Reuters, had projected earnings of $7.33 per share, which typically excludes one-time items.
Despite the earnings shortfall, the company's quarterly revenue increased by 13.4%, rising to $4.246 billion from $3.743 billion in the same period last year.
Summary of Asbury Automotive Group Inc.'s earnings (GAAP):
- **Earnings (Q2):** $28.1 million vs. $196.4 million last year.
- **EPS (Q2):** $1.39 vs. $9.34 last year.
- **Revenue (Q2):** $4.246 billion vs. $3.743 billion last year.
