Asbury Weathers the Storms With Strong 3Q Margins
We are leaving our fair value estimate for Asbury Automotive Group in place after incorporating the firm’s third-quarter results. Hurricane damage from Harvey in Houston, where Asbury has only one store, and Irma damage in Florida and Georgia came up often on the call. Management had very little property damage, at less than $500,000, despite the storms impacting over half of Asbury’s stores; however, the firm suffered extensive business interruptions that it estimates cost at least $0.10 of EPS...
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