UPDATE: Asbury Automotive Posts Upbeat Q4 Results
Asbury Automotive Group Inc (NYSE: ABG) posted upbeat fourth-quarter results.
Asbury Automotive's quarterly earnings rose to $21.5 million, or $0.68 per share, from $5.4 million, or $0.16 per share, in the year-ago period. Excluding items, Asbury Automotive earned $0.54 per share from continuing operations.
Asbury Automotive's revenue climbed 8% to $1.1 billion. Its new vehicle revenue gained 6% to $605.6 million. However, used vehicle revenue surged 21% to $305.2 million.
Analysts were expecting earnings of $0.43 per share on revenue of $1.09 billion.
Asbury Automotive shares closed at $24.66 yesterday.
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