Asbury Automotive Q3 revenue misses estimates
ABG•Asbury Automotive reported Q3 revenue of $4.40 billion, down 8% year over year and below the $4.51 billion analyst estimate. Adjusted EPS fell 21% to $6.16, missing the $6.42 estimate.
1. Quarterly results
Asbury Automotive reported Q3 revenue of $4.40 billion, compared with an analyst estimate of $4.51 billion. Adjusted EPS was $6.16, below the $6.42 estimate, and reported EPS was $5.84.
2. Operations and priorities
The company said used retail unit volume increased sequentially and that its Tekion technology rollout produced efficiency gains in customer pay and parts and service gross profit. It completed conversions at 47 stores in Q3 and finished the rollout across all stores in October. Asbury said share repurchases will depend on market conditions and capital allocation priorities.
