mcloudyn.png
Monday January 17th, 2022 11:54PM

Asbury Automotive Group Announces Record First Quarter 2021 Financial Results

By The Associated Press

DULUTH, Ga.--(BUSINESS WIRE)--Apr 27, 2021--

Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., reported net income for the first quarter 2021 of $92.8 million ($4.78 per diluted share). This compares to net income of $19.5 million ($1.01 per diluted share) in the prior year quarter.

The financial measures discussed below include both GAAP and adjusted (non-GAAP) financial measures. Please see reconciliations for our non-GAAP metrics included in the accompanying financial tables.

“The first quarter of 2021 was very active for us. In addition to posting record performance, we successfully launched our online car buying platform, Clicklane, across our entire store base. Although we are only one quarter into our five-year plan, we feel more confident than ever in our strategic direction and the future growth of Asbury,” said David Hult, Asbury’s President and Chief Executive Officer.

The Company reported adjusted net income (a non-GAAP measure) for the first quarter 2021 of $90.7 million ($4.68 per diluted share) compared to $34.7 million ($1.80 per diluted share) in the prior year quarter.

Net income for the first quarter 2021 was adjusted for the following pre-tax items: gain on legal settlements of $3.5 million ($0.14 per diluted share), gain on sale of real estate of $1.1 million ($0.03 per diluted share) and other real estate related charges of $1.8 million ($0.07 per diluted share).

Net income for the first quarter 2020 was adjusted for the following pre-tax items: gain on dealership divestitures of $33.7 million ($1.30 per diluted share), legal settlement gain of $0.9 million ($0.03 per diluted share), gain on the sale of vacant property of $0.3 million or ($0.01 per diluted share), franchise rights impairment of $23.0 million ($0.89 per diluted share), loss on debt extinguishment of $20.7 million ($0.79 per diluted share), and Park Place deal termination costs of $11.6 million ($0.45 per diluted share).

The Company reported total revenue for the first quarter of $2.2 billion, up 36% from the prior year period; total revenue on a same-store basis was up 18% from the prior year period.

Additional commentary regarding the first quarter results will be provided during the earnings conference call on April 27, 2021 at 10:00 a.m. The conference call will be simulcast live on the internet and can be accessed at . A replay will be available at these sites for 30 days.

In addition, live audio of the call will be accessible to the public by calling (800) 353-6461 (domestic), or (334) 323-0501 (international); passcode – 8517555. Callers should dial in approximately 5 to 10 minutes before the call begins.

A conference call replay will be available two hours following the call for seven days and can be accessed by calling (888) 203-1112 (domestic), or (719) 457-0820 (international); passcode – 8517555.

Asbury Automotive Group, Inc. ("Asbury"), a Fortune 500 company headquartered in Duluth, GA, is one of the largest automotive retailers in the U.S. Asbury currently operates 91 dealerships, consisting of 112 franchises, representing 31 domestic and foreign brands of vehicles. Asbury also operates 25 collision repair centers. Asbury offers customers an extensive range of automotive products and services, including new and used vehicle sales and related financing and insurance, vehicle maintenance and repair services, replacement parts, and service contracts.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than historical fact, and may include statements relating to goals, plans, market conditions and projections regarding Asbury's financial position, liquidity, results of operations, market position and dealership portfolio, and other initiatives and future business strategy. These statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, market factors, Asbury's relationships with, and the financial and operational stability of, vehicle manufacturers and other suppliers, acts of God or other incidents and the shortage of semi-conductor chips and rubber-based products, which may adversely impact supply from vehicle manufacturers and/or present retail sales challenges, risks associated with Asbury's indebtedness (including available borrowing capacity, compliance with its financial covenants and ability to refinance or repay such indebtedness, on favorable terms), Asbury's relationships with, and the financial stability of, its lenders and lessors, risks related to competition in the automotive retail and service industries, general economic conditions both nationally and locally, governmental regulations, legislation, adverse results in litigation and other proceedings, and Asbury's ability to execute its IT initiatives and other operational strategies, Asbury's ability to leverage gains from its dealership portfolio, Asbury's ability to capitalize on opportunities to repurchase its debt and equity securities or purchase properties that it currently leases, and Asbury's ability to stay within its targeted range for capital expenditures. There can be no guarantees that Asbury's plans for future operations will be successfully implemented or that they will prove to be commercially successful.

These and other risk factors that could cause actual results to differ materially from those expressed or implied in our forward-looking statements are and will be discussed in Asbury's filings with the U.S. Securities and Exchange Commission from time to time, including its most recent annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

ASBURY AUTOMOTIVE GROUP INC. Supplemental Disclosures (Unaudited)

In addition to evaluating the financial condition and results of our operations in accordance with GAAP, from time to time management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, and profitability improvement initiatives, and other events outside of normal, or "core," business and operations, by considering certain alternative financial measures not prepared in accordance with GAAP. These measures include "Pro forma adjusted leverage ratio," "Adjusted income from operations," "Adjusted net income," " Adjusted operating margins," and "Adjusted diluted earnings per share ("EPS")." Further, management assesses the organic growth of our revenue and gross profit on a same store basis. We believe that our assessment on a same store basis represents an important indicator of comparative financial performance and provides relevant information to assess our performance at our existing locations. Same store amounts consist of information from dealerships for identical months in each comparative period, commencing with the first month we owned the dealership. Additionally, amounts related to divested dealerships are excluded from each comparative period. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not be comparable to similarly titled measures used by other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with GAAP. Management cautions investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable GAAP measures. In their evaluation of results from time to time, management excludes items that do not arise directly from core operations, or are otherwise of an unusual or non-recurring nature. Because these non-core, unusual or non-recurring charges and gains materially affect Asbury's financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Management discloses these non-GAAP measures, and the related reconciliations, because it believes investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance.

The following tables provide reconciliations for our non-GAAP metrics:

 

View source version on businesswire.com:

CONTACT: Karen Reid

VP & Treasurer

(770) 418-8211

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: OTHER RETAIL RETAIL GENERAL AUTOMOTIVE AUTOMOTIVE SPECIALTY

SOURCE: Asbury Automotive Group, Inc.

Copyright Business Wire 2021.

PUB: 04/27/2021 07:00 AM/DISC: 04/27/2021 07:01 AM

http://www.businesswire.com/news/home/20210427005242/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Business - Economy
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Iran nuclear talks resume in Vienna amid new complications
World powers are set to resume high level talks in Vienna focused on bringing the United States back into the nuclear deal with Iran, in their first session since comments surfaced from the Iranian foreign minister alleging that Russia was trying to scupper the pact
7:00AM ( 26 minutes ago )
Court to hear appeal of Dallas officer who killed neighbor
A Texas court is scheduled to hear arguments on overturning the conviction of a former Dallas police officer who was sentenced to prison for fatally shooting her neighbor in his home
6:41AM ( 45 minutes ago )
DoorDash offers lower-priced delivery plans amid criticism
DoorDash is launching lower-priced delivery options for U.S. restaurants, responding to criticism that the commissions it charges are too high for the beleaguered industry
6:40AM ( 45 minutes ago )
Associated Press (AP)
Albania's ruling Socialists plan election win celebration
Nearly all ballots have been counted in Albania’s general election and the ruling Socialist Party remain in the lead with the possibility of forming a government on its own
6:20AM ( 1 hour ago )
Auto group backs guidelines for partially automated vehicles
The trade association representing most major automakers is offering guidelines for manufacturers to advertise partially automated driving systems and make sure drivers are paying attention while using them
6:03AM ( 1 hour ago )
The Latest: South Korean firm to produce Novavax vaccine
South Korean President Moon Jae-in has promised to push for a swift approval of the Novavax coronavirus vaccine and announced plans to produce it through a local biotech firm
5:59AM ( 1 hour ago )
AP Business
Toyota acquires Lyft's self-driving unit for $500 million
Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology
1:55AM ( 5 hours ago )
The Latest: Sanofi to produce Moderna coronavirus vaccine
The French pharmaceutical company Sanofi will help manufacture the Moderna coronavirus vaccine beginning in September, joining other companies assisting with production of one of the three vaccines now approved in the U.S. Under the agreement announced Monday, Sanofi will handle final manufacturing steps, including filling, inspecting and labeling vaccine vials and packaging
5:25PM ( 14 hours ago )
Stocks reach more records as earnings kick into high gear
Modest gains for stocks nudged the S&P 500 and the Nasdaq to more record highs on Wall Street as investors brace for a deluge of earnings reports from big U.S. companies
4:56PM ( 14 hours ago )
AP Business - Corporate News
Analysis: Coach of the year will be the NBA's top award race
It’s almost award-voting season in the NBA, and the best race is the one that not enough people are talking about
3:08AM ( 4 hours ago )
Report: Pandemic gives rise to antisemitic 'Zoom bombing'
A Jewish civil rights group says antisemites adopted a new, digital form of harassment during the COVID-19 pandemic
12:05AM ( 7 hours ago )
Power of Sage: Freeman 3-run homer, Braves beat Cubs 8-7
Freddie Freeman hit a three-run homer and the Atlanta Braves woke up offensively after a grim doubleheader, overcoming a grand slam by Kris Bryant to beat the Chicago Cubs 8-7
11:36PM ( 7 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Global stocks mixed ahead of Fed meeting
Global stock markets are mixed after Wall Street rose to a record as investors looked ahead to this week's U.S. Federal Reserve meeting for reassurance that interest rates will be kept ultra-low
4:52AM ( 2 hours ago )
Asia stocks lower after Wall St record ahead of Fed meeting
Asian stock markets are lower after Wall Street hit a new record as investors looked ahead to this week's U.S. Federal Reserve meeting for reassurance interest rates will be kept ultra-low
1:59AM ( 5 hours ago )
In fight against virus, Biden looks for path back to normal
President Joe Biden spent his first 100 days in office encouraging Americans to mask up and stay home to slow the spread of COVID-19
12:10AM ( 7 hours ago )
AP Business - Economy
Iran nuclear talks resume in Vienna amid new complications
World powers are set to resume high level talks in Vienna focused on bringing the United States back into the nuclear deal with Iran, in their first session since comments surfaced from the Iranian foreign minister alleging that Russia was trying to scupper the pact
7:00AM ( 26 minutes ago )
Court to hear appeal of Dallas officer who killed neighbor
A Texas court is scheduled to hear arguments on overturning the conviction of a former Dallas police officer who was sentenced to prison for fatally shooting her neighbor in his home
6:41AM ( 45 minutes ago )
DoorDash offers lower-priced delivery plans amid criticism
DoorDash is launching lower-priced delivery options for U.S. restaurants, responding to criticism that the commissions it charges are too high for the beleaguered industry
6:40AM ( 45 minutes ago )
Volume continues to surge at UPS to start the year
A surge in the volume of deliveries that arrived with the start of the pandemic has not eased at UPS, where consolidated average daily volume jumped 14.3% in the first quarter
6:37AM ( 49 minutes ago )
US marks slowest population growth since the Depression
The first numbers from the 2020 census are out and show that America’s population growth has declined to its slowest rate since the Great Depression — a total now of just under 331.5 million
6:35AM ( 51 minutes ago )