Asbury's Record First-Quarter EPS Helped by Buybacks
Asbury Automotive’s first-quarter results gave us no reason to change our fair value estimate or moat rating. The company had another good quarter with adjusted EPS growing 16% year over year to a record $1.58, versus consensus of $1.48, while same-store revenue increased 3%. We calculate that ignoring the change in share count, adjusted EPS would have only increased by a penny, to $1.37. Management is always willing to repurchase its own stock when it can’t find a good acquisition opportunity o...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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