Asbury Automotive Group Inc.’s revenue greater than doubled within the fourth quarter because the Duluth, Ga., public retailer closed its first full 12 months of earnings boosted by its December 2021 acquisition of Larry H. Miller Dealerships.
Fourth-quarter web earnings jumped to $353.2 million, up from 140.5 million in the identical interval a 12 months earlier, Asbury mentioned Thursday. Revenue soared 40 % to $3.71 billion. However, same-store dealership income rose simply 1.4 %, whereas same-store gross revenue dropped 1.9 % in the course of the fourth quarter,
Asbury famous it spent $2.7 million in the course of the fourth quarter on “a significant acquisition that did not materialize.” More particulars weren’t instantly obtainable.
Asbury CEO David Hult mentioned in an announcement that he was happy with the progress of the retailer’s dealership acquisitions and progress initiatives reminiscent of its Clicklane digital retailing platform.
“We believe we are well-positioned going into 2023 to achieve our strategic goals,” Hult mentioned within the assertion.
Clicklane recorded file gross sales of 8,471 autos in the course of the fourth quarter, up 67 % from a 12 months earlier.
Asbury purchased 61 Larry H. Miller franchised and used-only shops and finance-and-insurance product supplier Total Care Auto in a $3.2 billion December 2021 deal. At the time, Larry H. Miller was ranked No. 8 on the Automotive News listing of the highest 150 dealership teams based mostly within the U.S., with 61,097 new autos retailed in 2020. Asbury was No. 6 on that very same listing after which moved to No. 5 on the newest Automotive News listing, with retail gross sales of 109,910 new autos in 2021.
Asbury mentioned it offered 9 North Carolina dealerships, which represented about $590 million in annual income, to Hudson Automotive Group of Charleston, S.C., in the course of the fourth quarter. Asbury mentioned it had obtained $322 million in proceeds from the deal, although it was unclear whether or not that quantity represented the complete sale value.
For the complete 12 months, Asbury reported an enormous improve in web earnings. Revenue for the 12 months additionally soared, although it was down barely on a same-store foundation.
Shares of Asbury rose 3.2 % noon Thursday to $239.15.
- This fall income: $3.71 billion, up 40 % from a 12 months earlier
- This fall web earnings: $353.2 million, up 151 %
- This fall adjusted web earnings: $201.9 million, up 24 %
- This fall automobile gross sales: 36,811 new autos, up 41 %; 34,346 used autos, up 27 %
- 2022 income: $15.43 billion, up 57 %
- 2022 web earnings: $997.3 million, up 87 %
- 2022 adjusted web earnings: $842 million, up 54 %
- 2022 automobile gross sales: 151,179 new autos, up 38 %; 151,464 used autos, up 44 %
- 2022 information: Net earnings, adjusted earnings earlier than curiosity, taxes, depreciation and amortization
Source: www.autonews.com