Asbury Starts 2018 With 1Q Record Diluted EPS
We are not changing our fair value estimate for auto dealer Asbury Automotive Group following healthy first-quarter results. Diluted earnings per share rose 22% versus the year-ago quarter to a first-quarter record $1.93, easily beating consensus of $1.80. There were no special items in the first quarter of 2018. Revenue grew 3.7% year over year to $1.61 billion, slightly beating consensus, while same-store revenue increased 1.9%. Management did call out a service technician shortage, but same-s...Asbury Automotive Group is a holding company. Through its subsidiaries, the company is an automotive retailer. The company's stores provide automotive products and services, including new and used vehicles; parts and service, including vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, prepaid maintenance, and credit life and disability insurance. The company's new vehicle franchise retail network is made up of dealerships operating under locally-branded dealership groups.
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