Asbury Starts 2019 With Record 1Q Thanks to Service
Auto dealer Asbury Automotive Group reported a good first quarter despite industry sales slowing. Results are not trending far from our model, so we are leaving our fair value estimate in place. Record adjusted first-quarter diluted earnings per share of $2.20 easily beat consensus of $1.92 and grew 14% year over year. Total revenue rose about 4% to slightly beat consensus while same-store revenue rose about 1%. Asbury's new-vehicle sales grew 2%, which is impressive given that the industry reta...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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