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LONDON, UK / ACCESSWIRE / March 05, 2018 / Active-Investors.com has just released a free earnings report on Asbury Automotive Group, Inc. (NYSE: ABG) ("Asbury"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=ABG. The Company posted its financial results on February 06, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company's quarterly adjusted diluted earnings per share (EPS) grew 16% y-o-y, beating market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for America's Car-Mart, Inc. (NASDAQ: CRMT), which also belongs to the Services sector as the Company Asbury Automotive Group. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Asbury Automotive Group most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=ABG
Earnings Highlights and Summary
In Q4 FY17, Asbury reported total revenues of $1.67 billion, which came in flat compared to Q4 FY16, but missed market expectations of $1.70 billion.
The auto dealership chain posted a net income of $42.5 million, or $2.03 per diluted share, in Q4 FY17 compared to $67.1 million, or $3.08 per diluted share, in Q4 FY16. The Company's adjusted net income stood at $37.8 million, or $1.81 per diluted share, for the reported quarter; rising from $34.0 million, or $1.56 per diluted share, in Q4 FY16. Moreover, Wall Street had expected the Company to report diluted an adjusted EPS of $1.60.
For the full year FY17, the Duluth, Georgia-based Company's revenues were $6.46 billion, which came in 1% lower than the $6.53 billion reported in FY16. The Company reported a net income of $139.1 million, or $6.62 per diluted share, in FY17 compared to $167.2 million, or $7.40 per diluted share, in FY16. Additionally, the Company's adjusted net income stood at $135.1 million, or $6.43 per diluted share, in FY17 compared to $137.3 million, or $6.08 per diluted share, in FY16.
Operating Metrics
During Q4 FY17, Asbury's total gross profit stood at $268.4 million, or 16.1% of total revenues, compared to $264.6 million, or 15.9% of total revenues, in the previous year's same period. The Company's selling, general, and administrative expenses (SG&A) were $180.5 million for the reported quarter compared to $183.3 million in Q4 FY16. The Company's adjusted income from operations came in at $79.2 million in Q4 FY17 versus $74.0 million in Q4 FY16. Furthermore, the Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) were $81.8 million for the reported quarter compared to $76.8 million in Q4 FY16.
Segment Performance
Asbury's New Vehicle segment's revenues increased to $964.1 million during Q4 FY17 from $935.6 million in the prior year's comparable quarter. However, the segment's gross profit fell to $46.6 million in Q4 FY17 from $47.4 million in Q4 FY16. Furthermore, the segment's total new vehicle sales were 26,191 units, at an average selling price of $36,810, in Q4 FY17 compared to 25,751 vehicles, at an average selling price of $36,333, in Q4 FY16.
Asbury's Total Used Vehicle segment's revenues fell to $437.5 million in the reported period from $468.9 million in Q4 FY16. The segment reported a gross profit of $26.5 million in Q4 FY17 versus $27.5 million in the year ago corresponding quarter. Additionally, the Company's total used vehicle retail unit sales were 17,822 units, at an average selling price of $21,861, in Q4 FY17 versus 19,881 vehicles, at an average selling price of $21,141, in Q4 FY16.
Asbury's Parts and Service segment's revenues grew 2% to $196.6 million during Q4 FY17 from $193.6 million in Q4 FY16. The segment's gross profit stood at $122.6 million for the reported quarter, which came in above the $121.3 million recorded in the year ago same quarter.
The Company's net finance and insurance revenues were $72.7 million in Q4 FY17 compared to $68.4 million in Q4 FY16.
Cash Flow and Balance Sheet
During the fiscal year ended December 31, 2017, Asbury generated $266.3 million in cash from operations compared to $142.5 million in the year ago. Additionally, the Company's adjusted cash provided by operating activities amounted to $195.6 million in FY17 versus $260.5 million in FY16.
The Company had a cash and cash equivalents balance of $4.7 million as on December 31, 2017, compared to $3.4 million at the close of books as on December 31, 2016. Furthermore, the Company had a long-term debt balance amounting to $875.5 million as on December 31, 2017, versus $926.7 million as on December 31, 2016.
Stock Performance Snapshot
March 02, 2018 - At Friday's closing bell, Asbury Automotive Group's stock rose 1.85%, ending the trading session at $66.15.
Volume traded for the day: 139.48 thousand shares.
Stock performance in the previous six-month period - up 26.85%; past twelve-month period - up 0.76%; and year-to-date - up 3.36%
After last Friday's close, Asbury Automotive Group's market cap was at $1.35 billion.
Price to Earnings (P/E) ratio was at 9.44.
The stock is part of the Services sector, categorized under the Auto Dealerships industry. This sector was up 0.2% at the end of the session.
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