ABG Stock Recent News

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Asbury's (ABG) third-quarter earnings miss estimates on lower-than-anticipated sales across new-vehicle, finance and insurance business and parts and service business segments.

Asbury Automotive Group, Inc. (NYSE:ABG ) Q3 2023 Earnings Conference Call October 24, 2023 10:00 AM ET Company Participants George Villasana - SVP, Chief Legal Officer & Secretary David Hult - President, CEO & Director Daniel Clara - SVP, Operations Michael Welch - SVP & CFO Conference Call Participants Daniel Imbro - Stephens Inc. John Murphy - Bank of America Merrill Lynch Rajat Gupta - JPMorgan Chase & Co. Ryan Sigdahl - Craig-Hallum Capital Group Bret Jordan - Jefferies Operator Greetings, and welcome to Asbury Automotive Group Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Asbury Automotive Group (ABG) came out with quarterly earnings of $8.12 per share, missing the Zacks Consensus Estimate of $8.44 per share. This compares to earnings of $9.23 per share a year ago.

Asbury Automotive (ABG) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

DULUTH, Ga.--(BUSINESS WIRE)--Asbury Automotive Group Schedules Release of Third Quarter 2023 Financial Results.

Here is how Asbury Automotive Group (ABG) and Builders FirstSource (BLDR) have performed compared to their sector so far this year.

Asbury's revenue has grown at a CAGR of 11%, driven by the production of EVs and the post-pandemic boom in sales. We expect demand and growth to remain strong, owing to an aged vehicle population, the EV transition, services sales growth, business development, and M&A. We believe Asbury is an attractive proposition due to its M&A focus and well-balanced business model. We expect shareholder distributions to accelerate in the coming years.

Asbury (ABG) signs a deal to acquire Jim Koons Automotive for $1.2 billion to expand its presence in the Mid-Atlantic region.